Burnet county near you seems to have put some lots online for auction, kind of as a test it seems.No one redeems in my experience so the 25-50% rule is a bit of a myth. 

What kind of documents would I need to cover both of our ends in any worst case scenario and where could I find some examples?

For anyone looking to get into any kind of "abnormal" rentals, keep in mind that its never easy having things different.

Once you figure out a strategy that you want to do, next I would learn about potential markets for that strategy and focus on 1 or 2 markets that you have some kind of competitive advantage in (you live there and know the area, you have friends/family/a good realtor there etc). 

Obviously, I can't have this kind of relationship with my PM (we had developed a friendly relationship and I have no idea what happened).

What kind of negative cash flow are we talking about here?

To build that kind of portfolio you will also need help with financing, locating, inspecting, repairing, etc.

These days it can be hard to tell but sometimes it's just so painfully obvious, and that's not the kind of content we want to reward because as you mentioned AI will sometimes at best embellish and worst fabricate or hallucinate fake information. 

However, one deal taught us a harsh lesson about balancing kindness with caution—a deal that nearly ended our business before it truly began.It was the end of our first year, around Thanksgiving, when we received a lead in Massachusetts.

We are saying that you can't take these kinds of lists as gospel.