Is there a stipulation that the previous tenants get "first dibs" on the units once renovated at the previous rate they were paying?  

Sometimes no matter what you do, pipes will freeze, but many policies do include a stipulation that you do your best to maintain heat or drain the system completely in order to have the water damage from a burst pipe covered.

Here is a recent Blog post that deals with a building inhereted from a burnt out LL and the poor quality tenants they placed.Tenant-or-a-professional-bum/Post your notices immediately (seems you did that), charge all your stipulated fees so they understand rent comes first, and if one of them makes it to an eviction get them out even if they come up with the money.When the rest see one get the boot the rest will straighten up.Also if there are no leases in place or they're expired then re-screen everyone and give notice to the ones that don't qualify.

Lets say the Borrower tells the private lender to send 100k to the closing table and agreed to receive 6% within a year, then the contract will stipulate that when the property is sold and profits are made the 100k + 6% interest will be sent to the Private lender's IRA account which is rolled into a Roth IRA which is Tax free and the other 4% or whatever spread will go to the guy who pitched the lender and made the agreement for the 6%, meanwhile he has other agreements between the other partners which stipulates that this 100k is being lent at a 10% interest and when the money are divided he gets his 4% passive income.

I will add that the MOST important factor is that you have verbiage in your purchase contract (regardless of your exit strategy) that stipulates that seller must deliver clear title to buyer and provide an owners policy of title insurance.

is there a need for legal jargon on these or can I type one up myself with stipulations and or a bullet agreement based on what I am asking?

Whether you think that is great or not is a "slumlord indicator" IMO.I prefer that things remain in good repair and get reported when they are not, so I don't stipulate that tenants must pay for ordinary repairs.

A contingency is basically a statement (a “stipulation” it’s sometimes called) that is added to your contract that will allow you the right to back out of the deal without penalty under specific circumstances.

It can be a complicated business and definitely takes time to learn before diving in, especially because each state has different compliance stipulations and legal regulations.

Sometimes they had to take legal action and it would take up to a year to recover the money.With the developer holding they simply issue a letter from their attorney or themselves saying why the deal can't go forward and that the contract is cancelled etc. and they get the money back right away.On short sales I would have a stipulation say " earnest money given upon written acceptance of all lien holders approval of purchase price and terms " or something similar.