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In this tutorial, the speaker discusses the importance of a letter of intent (LOI) in real estate transactions. Step 5 involves drafting and sending out an LOI, which is a non-binding agreement allowing you to outline the necessary conditions to proceed with due diligence. It is emphasized that sending out LOIs should not be intimidating, as they do not constitute a contract. Once the conditions in the LOI are satisfied and due diligence is completed, you can move on to the formal contract. The speaker highlights the need for financial documentation, such as rent rolls and profit and loss statements, to inform the LOI and subsequent agreements.
