I suppose you could get one from one of those legal sites, or you can get attorney to draft you one.

My next question is if it's suppose to be broken down over 84 months and the tax preparer didn't do there job correctly who should pay the $1200 taxes due plus the $74 interest charge?

I suppose you can call that my first real important investment. 

Why does anyone charge late fees then when a tenant clearly (supposedly) doesn't have money?

@Kenneth McgeeYou're supposed to wait for the approval letter before starting your financing.

@Steven Aviram How do you suppose a lender is going to establish value to do the loan?

disclosure laws vary by state and if a private sale or thru Realtors The buyer is generally supposed to verify information

After spending a whole couple of days reading through various forum posts, I'm still not clear on how people who invest in 100s of investment properties, deal with their taxes.My biggest question is this: Suppose, I refinance my existing primary residence or an investment property and end up using cash-out to buy another investment property.

Instead it is having tight systems and processes to produce a predictable outcome just doing the things they are supposed to.  

So the property is supposedly worth $170,000 but I have only $65,000 into total.