I am very new to a lot of the language and strategies so I am still trying to discover what would work best for me.   

I have some draft Operating Agreement language that I think addresses your points on equity retention and adding a third party.

that clause wont fly in most markets title company will still want their cancellation and escrow disbursement form filled out and signed by both parties before they will release.I help our investor clients by drafting automatic release language for their contracts that we will follow.

It's written in plain language that landlord and tenant can understand, and the forms are very thorough.

Instead, focus on gathering new information that will help you make informed decisions.Pay close attention to the seller's body language and tone.

I need help from somebody on the language and and timing.

Your protection is language in your purchase contract requiring the deed provide you marketable title in fee simple and a professional title search and title insurance to cover you.

Also, at times your leases might contain language allowing you assign the lease to others (an assignee).Probably just easier to repaper the lease... but it opens up the lease to new or re-negotiated terms should your tenant want to be difficult.

I was given the impression that it was a special deal for us, but as I read the engagement letter, the money back guarantee was a standard language, offering clients 30-day money back guarantee. 

What we included in that was language that if something were to happen to my wife and I that there is someone third party to handle the finances until the kids reach a specific age.