Luckily for me, I didn't need to tap into the contingency reserves that were set aside.

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

Investors that are looking to offset their investment costs can typically expect to cover the majority of operational and carrying costs, but those seeking positive strong cash flow and ROI can find limited cost saving inputs. 

Other than limited space, we love the home.  

Lower it and put a nice set of wheels, and smoke Ferrari's with my station wagon.

If I was to try and set up a meet up in my area to network what would be some things I'd need to do?

Don since this is a good teaching moment for BP members without having to spend 15k with the sub 2 guys :)how did you set up the payments. 

That's solely up to you and setting the guest's expectations.

I think I'd like to set my goal as having enough equity to sell off in 10 years to live off. 

-if they have only limited amount that's approved, and lower than the agreed upon amount on the lease, that means part of the rent is at risk?