Offering on multiple properties (with little money)

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I found two properties in my area that will cash flow well at just under the MLS price, but I do not have the down payment for both

Is there a way I can offer on both and see what gets accepted without forfeiting my earnest money when I choose the other one? One property is time sensitive because it only recently hit the MLS, the other is more desirable.

Thanks in advance.

Dan, something that I have seen some investors do in the same situation is to partner in one of the deals and take the other one. If possible you don't want to miss the opportunity in the other deal just because you don't have enough for the down payment. 

If this is not an option you can backup from the agreement on the property you are not going to buy when you do the inspection, if you have the contingency in place. This will allow you to recover your earnest money. Normally inspections contingencies offer a lot of leeway specially if you are buying a fixer upper. Don't do this often through you don't want to be know as the guy that always back up from deals. Hope this helps!