ALSO, I have not had to do an eviction following a partial payment agreement (so I don't know exactly how that would pan out in our courts), all of my tenants have so far completed their payment agreements as signed.Multifamily Northwest has forms for these types of things available via the Rental Forms Center at https://rentalformscenter.com/ Their forms are typically well reviewed by local attorneys; as you'll note, on the Partial Rent Payment Receipt there is verbiage specifically about if the landlord has/has not served a termination notice and reserving the landlords right to eviction if the agreement is not completed. 

I know I need to get a credit card and keep my utilization ratio low, but I wouldn't know much about the process of actually receiving a conventional loan from a bank or any type of loan.

If it was me, I'd just go conventional or use a vacation home type loan w/ a lower downpayment. 

If you're certain the type of renter you're going to get are traveling medical professionals, you know they're on short term contracts (typically 13 weeks).

What made you interested in investing in this type of deal?

To get started with fix and flips, first define your criteria, including location, property type, and budget.

But as Dominic mentioned this will be full doc Move your liquidity to that bank as deposits are critical to these types of lenders..

This agreement is just like a listing agreement when you go list a home, you are hiring the right person for the job, so this is the same type of contract, but this person is hired to find you the right home. 

However, many lenders and insurance companies are tightening restrictions and premiums for these types of properties.

what type of real estate investing strategy(ies) are you interested in / looking at?