We are located in Austin TX which is pretty close to San Marcos TX (both college towns) so it's common to have someone sign a lease guarantee form which makes them liable to pay the rent if the tenant can't for any reason.

Just a bilateral agreement that specifies:The giver of the option, or optionorThe receiver of the option, or optioneeThe purchase priceThe term (start date and end date) that the agreement will be in effectThe consideration (typically a dollar amount) paid by the optionee to secure the right to buyPLUS whatever else your attorney thinks is necessary.Make the document recordable by your county clerk, get it signed (and possibly notarized), and then have it recorded on public record.The intent is to ensure that if he tries to sell to anyone else, a title search will find this agreement and trigger a title defect.

Is dampness in the basement a sign of existing or future structural issues?

I selected BRRRR with the intention of building a cash flowing portfolio and after reading over some of the other REI strategies it seemed to be both the best for the purpose and the most interesting.

The law and contracts you sign will give you some recourse and protection, but only as much as the other guy has to lose.

/Appraisal/Cash to Close$0 Repairs$73,000 Equity (compared to appraised value)$100,000 Equity (compared to market value)No agents involved in the transaction.Contract from excuted signed to closing 30 days What made you interested in investing in this type of deal?

I also have a contract already, will I need to get my contract reviewed by my attorney before getting them signed?

As a part of our construction, we had several inspections and they signed off that we have complied with all laws required for single family residences  - the extra kitchen does not have an additional heating source (stove), all spaces are connected on the interior, and we have a single electric & water meter. 

I got the boundary survey when I was signing the documents and boom... the concrete slab on the side of the house in into the neighbors property.

These were all safety related work issues that were approved by the PM company and under the repair allowance in the agreement (I signed this account...).