What do I need to learn about contracts?

[Justin Megna]

I'm a new real estate investor, aspiring to build a rental portfolio with management contracted out. I'm also open to flips and wholesales. I realize that all kinds of contracts are going to be necessary no matter what kind of deal I do. There will be contracts for property purchases, wholesale contracts, and property management contracts. None of the instructors I've been listening to seem to mention hiring lawyers to examine their deals. Since I currently know nothing about the required contracts, will I need the oversight of a lawyer? What do I need to know about contracts to make sure I'm legally covered and getting a fair deal? How should a newbie learn about the variety of real estate contracts?

[Scott Mac]

You could start with reading the purchase offer contract for your state.

No matter what you do, that contract will be there for you to sign.

Reading through filled in ones might be less boring--if you can get them--look online.