As for the formalities, my name is Brandon Hartman, I am 29 years old and I live in Columbus, OH.

It's not a formal document, just a simple paper that spells it out and gives them comfort you won't be taking them to court later. 

I like the formalized training and I have a BP account which gives me the best of both worlds.

In regards to the value of the home, the bank will usually order a BPO (broker price opinion) not a formal appraisal and those are usually good for 60-90 days. 

Don't let your ego fog reality, training by gurus is not an education, if you don't hold or have held any real estate certifications, your expertise measured from a professional and legal standpoint is less valuable than those who have had formal training in the industry.

My ideal scenario would be to own a small investment company with a partner that holds a few mid-sized rental properties for baseline income, and supplements this with a few high-profit flips every year to help grow the rental portfolio and pay for lifestyle upgrades, vacations, etc.My formal education is an Electrical Design engineer, and for the past 10 years I've worked for large companies designing complex electronic (computer) circuits for things like Medical Devices, LED lighting, etc.

I figure some may be in formal business attire from their day job and others business casual but it doesn't hurt to ask.  

I wanted to approach it formally, especially since we know each other.I see you are in CA but for anyone local to DFW - any suggestion for a good RE attorney in DFW ?

I have no formal stats for this but just from browsing on BP it seems like 50% are not thinking like an investor would.

That is nothing more than a formal lease signing with our atty (fee's paid for by buyer).