Paperwork & Attractive Cash Flow

[Tucker Cummings]

2 Questions/Topics:

1) This week I started making cold calls to sellers and I've actually found several possible deals that I want to make offers on. Problem is that I don't know what kind of paperwork, where to get the paperwork, etc. I need in order to formally submit make an offer without an agent. If it makes any difference, I'm looking at doing owner financed deals. Does anyone have any resources where I can find all the paperwork I would need? And what kind of contingencies should I put in there (passing inspection, appraising at a certain level, etc.)?

2) I find a lot of houses that are producing great cash flow, but I might not be able to capture any equity in the deal during the purchase. Does it make sense to do  this? For example, the other day I found a 2/2 duplex (4 bed/4 bath total), for about 41k and it would cash flow $600/month. After I would get my own tenants in there I bet it would cash flow more. Retail value of the home is 41k, its what the owner would want. Does this make sense to do? I'm a new investor, only have one property, and don't want to buy a bad deal just because of attractive cash flow.

Thanks!