You can draft an LOI "letter of intent" that discloses the major factors in the deal1) purchase price2) closing date3) initial deposit4) seller financing terms5) contingencies (inspection, survey)6) items in house (fridge, stove, BBQ etc)You should include a time frame of when an original offer will be drafted whether it is in 5 days from offer acceptance or when attorneys get involved.If you can find an attorney that can help you with no upfront costs then go that route but I wouldn't spend money on anything and find out they don't like the offer and you did all that for not. 

Ironically, I hear those commercials while listening to the radio while working on my latest rehab project!

. - Once I iron out this excel sheet and the calculations I would be happy to share it on FIleplace r send it directly to you if you'd like.Thank you!

Some would suggest TenantCloud, Tellius or other apps which allow you to process rent collection; but, there is an option out there which allows you to collect rent much quicker than those others but still provides other rental management tools you might find valuable (again, not to knock Cozy or these other tools like Zillow rental manager - which admittedly is newer so they still have to iron out all of the kinks), but you can easily keep track of who paid what and on which date with a tool that is reliable and fast.

Definitely consider an option which allows you to collect rent much quicker than those others but still provides other rental management tools you might find valuable (again, not to knock Cozy or these other tools like Zillow rental manager - which admittedly is newer so they still have to iron out all of the kinks), but you can easily keep track of who paid what and on which date with a tool that is reliable and fast.

Ironically, my first three properties were single families, while my fourth property is a quadruplex.

A home inspection report is beneficial in the fact that it will help:Identify building defectsOutdated code defectsBuilding materials Age of appliances This will help with any budgeting, as well as, what should be upgraded (old cast iron DWV system vs.

Your going to see electrical issues with knob and tube and plumbing leaks especially if it hasn’t been updated from the old cast iron pipes .

If I had to do it again, with someone I wasn't actual friends with, I'd go hard on an iron clad workable document.If you're the one providing the real value, and they're just cutting a check to sponge on your deal, then my suggestion is to make some terms that work for you and if they're not happy move on.  

We recently moved to Ausitn, TX, and am loving the live music, BBQ, and STR here!