We recommend very simple procedure for our clients in this situation and it works all the time without any problems. 

I really wanted to get an investment started before I continue on in my medical career so I saved up money and just purchased my first investment rental property.  

We have a thriving medical and cyber security industry with a lot of big name Defense Contractors in the area (Lockheed Martin, General Dynamics, etc.)Stop ignoring real estate investors here, you're losing money if you continue to do so!

This is in a neighborhood close to downtown Ann Arbor, just half a block from the river and walking distance to the University of Michigan medical center, campus, and downtown Ann Arbor.

It was unclear if the foreclosure procedure was still in the works..

She was recently laid off from her job but cannot go back to work because they have a 7 month old baby who needs more medical attention than most babies due to a birth defect.

Thee BB gun is on the knowledge side, assuming you can get the money.Do you know the cost of your private money, and you probably won't need the whole value, seller financing has benefits to your seller he's not aware of;The assets determination for Medicare will discount a note to it's market value, that boils down to less out of pocket in the event he needs medical care. 

I'm in the medical field and can invest $3.75M cash right now. 

I need some advice and some instruction on the proper procedure in writing up a contract with a private investor and contractor.  

I just had a property turn over and followed this procedure for the showings:I advertise the property and handle all calls, emails, texts on it and set up viewing appointments (I group them all within 30-45 minutes on one day)The current tenants show the property to prospective rentersWhen someone applies, they email or fax in the application and pay the application fee via PayPal (although I am now trying out Cozy for applications) and I process the applicationIf the application passes, I prepare and email over the lease for signatureWhen the lease is signed and sent back to me, I send over a payment request for the first month's rent (via Dwolla or Cozy)At the check-in, I drive to the property to check them in myself and collect the security deposit in secured funds (or use Cozy to collect it beforehand)I have been doing the above for a long time and it has worked pretty well.