Second  question, say I have about 5k saved in te realty fund from.cash flow, what do you all do wit this money.

Funding hasn't come about so I decided to pay cash for a fixer upper as close to Chicago as possible (in Chicago the homes in my price range were in gang areas)I found a gem I believe in Gary and I'll be closing on it this week. 30 min from my business in Chicago. 1,000sf home on a 1950sf plot.3 bed 2 bath wit not 1 but (2) Two car Garages along with wide side driveway.

3) Will a simple personal agreement getting everybody's signatures with witness signatures suffice?

And they have admitted that their own CFO attempted to blackmail them over improper due diligence, which seems to reinforce this.So, the average investor is forced to rely on their own wits, which is not ideal at all.The other place where the industry is completely lacking is in the area of accountability.

@Andy W. It

You then review it with the tenant to verify the contents and learn any other pertinent matters about their relationship with the landlord (i.e. the landlord has been discounting their rent by $50 because they mow the lawn).In your instance, you may need to interview the tenants and fill-in blanks on a pre-drafted estoppel or prepare one from the interview and return for signatures attesting the contents (the estoppel should be witnessed).  

This field of work is very interesting and lucrative if done correctly...from what I've read and witnessed from other successful individuals in the business.

We can witness only like application right but not the closing right 

This notice can be delivered to the tenant personally with a witness, by certified mail (return receipt requested) or by any other method allowed by law.

You CANNOT afford PM.. it will chew up your cash flow... and PM's that work in these asset class's are far and few between. the better PM"s won't touch them.You would be better off taking a nice vacation you will get more out of it with the same results IE your bank account will be smaller at the end of the day.That all said I have been funding primarily C grades with some urban core D grades going on the better part of 20 years.I have Never seen a West coast investor make any appreciable money at this and have witness first hand most fail and walk or lose the properties..