Typically the note will outline the terms and is generally one page. 

I bought Brandon's book on Investing in RE with no (or low) money where he outlines a similar scenario to the above where a person gets started in RE investing by getting an FHA/low interest loan on a property that needs to light rehab.

Regardless if the contract is a standard Realtor contract or a builder specific contract, there are usually a few clauses in the contract outlining scenarios when the earnest funds can be returned. 

I'm looking to lend on a deal, and they don't have an LOI outlining the terms of the deal that can be signed before money is wired to the closing agents escrow account. 

Depending on your local landlord-tenant act there maybe some provision that outlines what these tenants would be considered.

Hey there,I’m going to agree with most people on this post and say keep them, there’s a few positives that others here have outlined that I’ve listed below:1.

@Dennis WasilewskiI have a signed contract that outlines the work we agreed on, as well as receipts from the 2 invoices I paid.

I'm wondering if anyone has a systems or outlines for how they compose a great description. 

Or get preapproval thru a hard money lender if the deal meets the criteria outlined it isn’t a big deal.  

I outline the transaction at this linkhttps://www.biggerpockets.com/forums/311/topics/780022-3-ways-to-wealth-in-real-estate-cashflow-flip-hold-here-s-how