It still sounds very attractive and amazing for me if I can invest a property with 10% or above NOI, but for sure subject to limited legal risk and potential crazy tenant.

And if one isn't careful, they can end up in some legal issues and money issues if they don't have a professional holding their hand through the transaction.

Well, you probably shouldn't get legal advice (whether you need an attorney) from BP. 

As an independent, I can write whatever deal you can imagine so long as it’s ethical and legal.

I have a shop in my town that has all sorts of legal documents for $5-$10 per.2) Option agreement - You can find these also at the same type of shopThese two documents MUST be separate documents.

This restriction has kept condo prices artificially low enabling you to buy them cheaper than they should be.

@mau pan not sure how the laws work in pa but in Georgia you legally own the property the day of the foreclosure auction even though it can take several weeks or even months for the attorney to prepare and record the deed.So I always immediately get insurance, put utilities in my name and if it's vacant, get physical control and change the locks.Regarding the possibility of leaks, I always ask the water company to put service in my name, unlock the meter but leave it turned off at the meter.You can the turn it on yourself with a curb-key or a decent pair of pliers.

I would think the involvement of any such association could be a hindrance to running a legal short term rental since so many restrict them. 

Also the house is in the spouses name with dementia, is that going to pose a problem legally when selling the home?

However, if there any problems with any future work based on these plans that require legal action and if a court rules against the engineer, the above term would remove any liability of his to pay my legal costs.