I would really appreciate if any of you could share an existing operating agreement with me (without any confidential information, of course) - that would be more than fantastic! 

I do feel confident I can raise the rent almost immediately for the other side though that may cause a vacancy for some time.

In which case, the agent is supposed to be neutral, representing both parties and maintaining confidentiality between the parties.If the agent is representing the buyer only, then you're probably going to be negotiating against a trained professional. 

I'm listening to BP podcasts and webinars, reading books, taking notes so I'm learning all I can to start investing at the turn of the year.I want to get one property under contract, start the rehab and then repeat the process depending on how much of my time it's taking.I have my days free though for the most part and I'm pretty confident I can handle more than 1 project at a time.

@Lee Smith: I'm sorry, it is a 2 bed/1bath per side and although our numbers are very different, I am confident I can get at least 700 a side.

Since they are an agent and not a broker, you will have to make sure that he/she does not violate any confidentiality with the Broker he/she works for.As to a background check, I always have my applicants provide phone numbers to previous employers.

Have access to roughly $40k in cash, lender is on board, and feel confident I could manage a basic rehab given my support network.

,Good question, I remember I was reading about it recently and found the article:http://realtormag.realtor.org/law-and-ethics/ethic...In other words, terms of offers can be disclosed to competing buyers or their agents by sellers or seller’s representatives unless there are laws or confidentiality agreements that specifically prohibit that disclosure.Keep in mind this is for the National, and subsets may have more stringent obligations.

If that type of conversion is typical for the market area then it should be considered acceptable by the appraiser and the lender.3) If you can't prove the rental income and agreement, the lender can't use it.4) The bank appraiser has no direct relationship with the county/city, and the appraisal results are confidential between the appraiser and the lender.I hope this helps.Best wishes.

I am confident I could rent that out for $1,025/month, netting $500/month before upkeep expenses. $500 x 12 months = $6,000/year, paying for itself in just over 3 years, call it 5 years with expenses.