@James Wise, @Jill DeWit, @Paul Timmins, @Bryan PottsThank you all for the advice and encouragement!

You might say that's a worst case scenario, but you have to think these things out if you're going to write your own legal documents.I get that you want to encourage the tenants to keep your property nice and try to minimize your own repair costs, but unfortunately you just can't make the tenants responsible for everything. 

Thank you everyone for the great, encouraging replies. 

Thank you all for the words of encouragement! 

I was just suggesting that rental owners encourage or require tenant's get a renter's insurance policy to help in liability issues and other events that could cause their belongings to become damaged or stolen.

I would encourage you to get serious on what your criteria and goals are, and as soon as that is done, a lot of the noise of the market will go away and the right deal will present itself.

The BP site is the best resource on the web for real estate investors so I would encourage you to take advantage of everything the site has.

There is a link to start you own BP blog in the top right corner https://www.biggerpockets.com/blogs Also, thanks for the encouraging article and the fantastic tips above on finding deals off the MLS. 

That being said, I'd encourage you to use the standard Colorado Real Estate Commission form contracts and get an attorney to draft assignment language.  

Your lender doesnt appear to be experienced if they are encouraging you to use credit card loans for you 3.5% FHA loan.