Now, this is my interpretation of a deal for a single-family house.

I found this helpful:A cloud on a title in real estate vocabulary can be interpreted into the Latin phrase, caveat emptor.

The second link i suspect is the correct one, but I am having trouble interpreting it.

You've also stated that you want relatively-turnkey (that is how I interpret the phrase "I don't want to do any major remodeling work"). 

If you don't agree with their interpretation and think, after reading all the case law, that equitable interest will hold up, get charged and have your day in court.

I can demo IRR until my fingers drop and there will still be people making their counter arguments, whether or not it is true or relevant.Part of that is that the reader's understanding and interpretation of these spreadsheets and the IRR calculation is not fully understood.BUT again.... that's perfectly fine with me!

This would be a very technical point of law buried in some court precedent. this is an interpretation that would vary by state.

Do you need help negotiation or interpretation of the contract?  

Do not leave anything open for interpretation and be as clear as you can be about all finishes, payment and deadlines• Have contracts in place outlining the scope, payment process and deadlinesDoing these things will help with your project and you will have less headaches during the rehab process. 

Not an attorney and not providing “legal advice”: As someone who owns and self-manages multiple rentals in Tacoma and has spoken with a couple professional Property Managers, my interpretation is that you need to provide the notice 60 days in advance (i.e., before you want the tenant to vacate or want to increase rents).