It should spell out how you terminate management.  

My current thoughts are to simply engage with this owner every 3-6 months to see if she changes her mind, possibly through mail so I can spell out a few benefits for her selling.

Anthony,You need to spell out the situation to any new agent you are contacting.

The P&S should spell all of this outHow much should youoffer?

MaKe sure everything is spelled out on the bid so your not getting charged for extras you think are included.  

If not I then proceed to draft my own which is just a very simple document the spelling out the parties to the transaction property address legal description and outlining the general terms like Price earnest money deposit due diligence.

If you have to spell it out if you were on the radio so people can get it right, then don't buy it.Example of a bad domain name Dallasbuyz, people are going to go to dallasbuys if you are doing any marketing. 

This will obviously affect what the specific documents will look like, but (as @Ronald Isgate mentioned), you'll have a note that spells out the terms of the loan and a mortgage or deed of trust that gets recorded to formalize your lender's lien against the property.

I like how they are wording and spelling everything in that email.

Like the others have said, that higher cap might spell trouble and headaches.