We found a tenant right before the beginning on September and offered them $500 off if they signed a lease starting 9/1, and it worked!

They have signed 5 year leases in the past and have been paying 12k/yr for the last 10 years.

You should have signed a disclosure statement with them at the beginning of the job that stated how much their bond is and how to access it in the event you need to.

If I am signing a contract to pay for 30 years, then I may as well get a mortgage and own it by the end.

When you do any agency loan (conventional or government) as a Primary Residence, you are signing a new 1 year "occupancy clause".

This would make decision making hard, on top of likely needing owners to sign mortgage guarantees, etc.Not enough involvement/too many owners, that you no longer satisfy SECs rules for involvement and it is really a security that needs registered or exempted.Some middle ground, like DSTs or these other fractional ownership, where the admin work is so intensive that fees need to be higher to make it worthwhile for the operator.Then again, I am drawn to real estate, so by nature drawn to traditional, proven structures.  

Unfortunately, human nature is such that if I do spend hours, days, months vetting a sponsor, and ultimately sign off on them, I will already be biased to accepting the next deal they offer, regardless of whether it is good or not.  

But you can always ask for new leases to be signed.

If so, is this something I can get a template of online or do I need to seek one of these documents from an attorney to then present back to attorney signed by both parties to then draft a formal contract?

Before a walkthrough and before signing a contract is it appropriate to ask the seller of a small multi family for:1.Rent Roll2.Property Tax Bills3.Utility Bills (last 12 months) (landlord pays all utilities)4.Income & Expense Statements (summary)5.Lease Agreements (Sample or Overview)6.Recent Maintenance Records (summary)7.Capital Improvements Summary