The only thing we are a bit confused on is he said you can simply "back out" of the deal if you change our mind...but how would you just "back out" of the contract if there is nothing actually wrong with the home?

You would simply create a new LLC and transfer ownership, incurring no taxes during the process.

And we all know this simply is not true in vast majority of cases. 

IMO this is simply to create more opportunity/work for the attorneys representing tenants.

Then whenever a good opportunity arises, you can simply write a check out of your credit line and purchase in cash.

Therefore, my wife and I have decided to simply build our own properties to rent or sell. 

Simply cutting out bigger hole in the top.

And being BP which is small investor ( majority) dominated and slanted towards wholesaling houses or fix and flipping this is simply a different arena..

From what I've heard some real estate buying agents are moving on to become TC, others are considering the fix & flip business model capitalizing on what they do know and that is locating discounted properties coupled with there knowledge of sales simply need financial backing.

There are a number of horrible agents I know (some with questionable ethics) that have cultivated Zillow reviews and can show 50 five start reviews, while some really good agents don't look well on Zillow at all, simply because they don't pay for Zillow and consequently do not cultivate the plattform.