These idiots... sorry, future real estate millionaires, were running to the back of the room to put their deposit down and secure themselves one of these fine properties.I remember sitting there thinking, "If I bought one of those, I'd put my 'For Rent' sign out front, and so would every single other owner."

If we're talking a few hundred dollars after subtracting out the deposit, I won't worry about it.

Do I have the investor cut me a check, which I deposit, and then use to purchase the house?

yes, you should provide an earnest money deposit to bind the contract.

C provides non refundable deposit.

If I find 10 articles from reputable sources telling me that a particular market is awesome but I've talked to 5-10 professional (and successful (which is key)) investors who tell me they've had bad experiences there or that reality doesn't match the written data, I'm going to listen to those investors all day long.I'm also a lot more apt to listen to people who aren't tied to any one market themselves.

Can you at least match my record: $13,750.

tomorrow I will be sending proof of funds and my earnest money deposit to the realtor.any advice on where to go from there if the offer is accepted?

They stand in the middle and match the investor with the land and pass through whatever discount to market there might be but they charge a fee that covers finding the land, finding an architect, builder, property manager, banks for the construction financing and permanent financing.

I also want to preserve what little relationship there is in the interest of having a paying tenant.Can I collect this $148 from his security deposit when he moves out?