It outlines what the tenant may and may not do and therefore provides a basis for you to evict them if they don't follow the lease.

With lower Risk, you increase you chances of success based on anaylisis outlined in your personal plan and goals.

Do you have any sort of agreement documents outlining when you can pull your money out, quarterly update requirements or anything?

Personally, I completely renovate most of my properties, so it really doesn't matter to me what condition the house is in...I'm going to be replacing most everything anyway.Again, I can't speak for others, but that's my experience.Now, if you find a home with structural issue (or perhaps serious moisure/mold issues), that may be a great opportunity to bring in a licensed engineer or specialist to diagnose the issue and outline a solution.

I have outlined what I believe to be the differences of each below.

If you have some desire to succeed, you can easily create your own 'accountability' once you have a plan (e.g. business plan) or at least an outline.

The commitment will outline any limitations the title company would put on that insurance.

You are outlining my exact starting out strategy.

I am still in the very early process of starting to look into real estate investing, I am not 100% sure it is the most intelligent decision at this point and I would like to outline my financial situation to get some advice on how to proceed.

The skills involved in what J outlined are not trivial.