3) Will a simple personal agreement getting everybody's signatures with witness signatures suffice?

Will a waiver suffice. 

The key is good pictures and sufficent information.

According to the loan officer I can get a line of credit or even a personal loan for about 20k, plus qualify some small funds in an IRA and that would suffice for the reserves. 

I hate that for reasons I won't get into here, but suffice it to say it is like someone trying to sell me a car when I am shopping for a truck because they only have cars.

Suffice it to say still, there isn't going to be a short sale price agreed upon by the bank and a subsequent sales price with another party simultaneously.

We aren't really interested in trying to create a big nest egg for retirement while we scrimp and struggle with a 9-5 between now & then (honestly, we expect to eventually inherit a few million dollars of property in London years from now that will suffice for retirement).We do not own any property and never have (except my husband who owns jointly with family in London but he doesn't have any involvement in managing it while we live here).

If she is not requiring it, then anything you both put on paper between you two should suffice.  

I don't want the focus on it :-)  Just suffice it to say my eyes are open...but I have gotten a little excited about this project.So tons of verbiage and a lot of numbers. 

After that, you have the 4 and 5 Star, mostly Senior (55+) parks in very desirable locations, with great amenities and professional management  --  suffice to say, the prices for those parks are higher.