Back stairs.If you are talking about making a 2+1 into a legal 3, the towns are going to tell you only the above two will qualify.

The contract I could find says the following:```...together with the right of ingress and egress at all times for the purpose of mining, drilling and exploring said land for oil, gas and other minerals, and removing the same therefrom.And said above described land being now under an oil and gas lease originally executed in favor of [Oil Company], Chicago and now held by [Oil Company] it is understood and agreed that this sale is made subject to said lease, but covers and includes of all the oil royalty and gas rental or royalty due and to be paid under the terms of said lease.It is agreed and understood that of the money rentals which may be paid to extend the term within which a well may be begun under the term of said lease is to be paid to the said [purchaser], and in the event that the said above described lease for any reason becomes cancelled or forfeited, then and in that event, the lease interest and all future rental on said land, for oil, gas and mineral privileges shall be owned jointly by [owner] and wife and [purchaser] each owning & interest in all oil, gas and other mineral in and upon said land, together with interest in all future rente.This sale is made for and in consideration of the sum of Ten Dollars, cash in hand paid, the receipt of which is hereby acknowledged.To have and to hold the above described property, together with all and singular the rights and appurtenances thereto in anywise belonging unto the said [owner] heirs and assigns forever, and we do hereby bind ourselves, heirs, executors and administrator to warrant and forever defend all and singular the said property unto the said [purchaser] heir and assignee against every person whomsoever lawfully claiming or to claim the same or any part thereof

How should the contract be handled moving forward?

If you have an accepted contract, the only thing I would really worry about is copies of all leases.If you are still underwriting and thinking of offering, the price is going to be more dictated based on your own knowledge and idea of what you can do with the property, versus what the seller financials state. 

I'm a product of BP through and through, was on these forums figuring out how to house hack after we already were in contract on a duplex, all the way through making it the foundation of my current business. 

Is there a clause in the contract that ties you to him after the 7 days?

Since the lease was with both then you need to make the check out to both, to do otherwise would be making a legal determination which is what the domestic court is for, and where they can take their issue to resolve. 

I am not going to say there is a best lending model, but brokers legally can not be paid as much as IMB's, and I tend to be cheaper in more situation than not when comparing a loan estimate from an actual lender. 

This should not be construed as tax, legal or financial advice.

You will find many recent posts from investors who have lost all of their syndication investment, and then talk about bringing legal action against the syndicator.