By documenting everything, both parties have a clear record, which can be invaluable if any issues arise later.

@Jaime Farias I think part of the problem is the learning curve of all the other involved parties.

These studies typically if done by 3rd party would cost $10-$20k but you could also do it on your own.

Defaults and Remedies A default exists under this note if (1) Borrower defaults in the payment of this note or in the performance of any obligation in any instrument securing or collateral to this note; (2) (a) Borrower or (b) any other person liable on any part of this note (an "Other Obligated Party") fails to timely pay or perform any obligation or covenant in any written agreement between Lender and Borrower or any Other Obligated Party other than as described in (1) above; (3) any representation in this note or in any other written agreement between Lender and Borrower or any Other Obligated Party is materially false when made; (4) a receiver is appointed for Borrower or an Other Obligated Party or any property on which a lien or security interest is created as security (the "Collateral Security") for any part of this note; (5) any Collateral Security is assigned for the benefit of creditors; (6) a bankruptcy or insolvency proceeding is commenced by Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party; (7) (a) a bankruptcy or insolvency proceeding is commenced against Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party and (b) the proceeding continues without dismissal for sixty days, the party against whom the proceeding is commenced admits the material allegations of the petition against it, or an order for relief is entered; (8) Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party is terminated, begins to wind up its affairs, or is authorized to terminate or wind up its affairs by its governing body or persons, or any event occurs or condition exists that permits the termination or winding up of the affairs of Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party; or (9) any Collateral Security is impaired by loss, theft, damage, levy and execution, issuance of an official writ or order of seizure, or destruction, unless it is promptly replaced with collateral security of like kind and quality or restored to its former condition.

The unfortunate part is it's often lamented as the nicest home on the block and the fortunate part is it has been made money as a rental for many years and now as a Airbnb super host property.

Analyze and submit offer based on if you would have a 3rd party property manager.

As for gray areas in contracts, the courts will almost always find in favor of the party who did NOT write the lease.  

Taking legal action against another party necessarily involves questions of law and can result detrimental legal impacts on him if he files a lawsuit without proper grounds to do so, or where the opposing party may have counter-claims against him.

@Collin Hays the worst part is you can't change their minds:(

These can be further broken down into lender closing costs and third party closing costs.Thelender closing costs can include underwriting fee, processing fee, funding fee, origination fee, credit report fee, and tax service fee among others.