But like all things real estate and real estate paper wise I suspect its very state specific.. 

Will I need to go to an attorney to have them draw up papers that outline the agreed upon loan terms?  

I would like to still have a few hard assets with paper titles. 

A good buddy says he will JV the deal for paper only.

It doesn't matter if you're dealing with a  bank, a correspondent "A" paper lender or a broker. 

On paper it looks like a decent deal and would cashflow very well without leverage and then very little depending on the level of leverage against it.This week as I was looking at other properties in the area I found a sudden glut of rental properties in this town.

Can't find any rental property that makes sense on paper in my local surrounding.

Do you call a closing attorney and set up a closing date, hand over all paper work and he/she  takes it from there? 

I tried to accumulate rental properties and on paper, my cashflow looked amazing.

I’d like to give you the details and see what yall’s thoughts are...10 Unit (of 2 buildings)Listing Price: $1,100,000Potential Gross Income: $124k6% Vacancy (but building is currently 100% occupied).Effective Gross Income: $116kNOI (Including a 5% CapEx and 7% Property Management): $75kDebt Service is around $50kLeaving me with an annual cash flow of $25kDSCR: 1.5B/E Occupancy 73%Cash On Cash: 7% (with 30% down payment)On paper, it seems like a great deal based on everything else I have analyzed in my local area.