Would I be the witness if I am administering the document? 

I did try using my wits and it sort of worked.

But I've only witnessed auctions for houses and condos.

I grew up much of my life in Austin, Texas and witnessed neighborhoods that were "war zones" 15 years ago become gentrified and very expensive at present time.

Ive also witnessed this principal firsthand.

Keep the property (no, owner wants nothing to do w/ it),b.

Does there need to be a witness and their signature to make it legal and binding?

I have witnessed loved ones very close to me pass away WELL before they should have, who were never really able to do what they wanted and always thought there would be a chance at a later time.

I volunteered in the area after Sandy witnessed a lot of completely flooded houses.

Better knowledge about certain areas, where others are buying and why, as well as the fun of witnessing all the situations of "what not to do" in real estate and learning how to come up with creative solutions to fix it, all on someone else’s dime.