What are some standard process or contracts needed before the partnership to make sure both parties are protected?

The owner Roy Guy will say whatever it is you need to hear to sign the contract, then you'll hardly hear or see a peep from them until it's time to shell out cash for something they did to mismanage. 

Starting rent-free is a smart move—it’ll maximize cash flow but high purchase price and a low down payment make it challenging.

The contract states that internet is included in her rent.Am I actually obligated to cover the full amount?

I have no clue what contracts you need.

Honor your contracts.

I assumed once I signed the contract, I owned the property, just land at that point, and have a contract to build the quad.As for if they run out of cash at 80%, I could close the gap if absolutely needed but obviously that isn't the goal.The builder owns the entire development, minus the handful that have/being built, so they have a vested interest in this working, they want to do it a couple of hundred times at least.

But that should be a buying indicator for a smart investor as you can get some really good deals on the bigger ones.I actually saw a 5,000 sq ft cabin (maybe 10 years old) that sold for just under a million. 

So, there's all this buzz about blockchain and smart contracts shaking up the real estate world?

Smart guy with the most practical advice, some great books, and he started in California.