One key detail I neglected to mention is that my wife and I are also hoping to stay as close as possible to the University of Utah since we are both students there and our work is there as well.

PM me your email and I can send you a flyer with the coverage details.

This is actually my second introduction on the platform and simultaneously an honesty post:I first became fascinated with real estate investing last year as a sophomore after hearing about the "wonders" of wholesaling from both an old friend a couple of internet gurus...and fell for it. 

Security deposit amountYou can find plenty of examples by searching for "tenant estoppel certificate doc" or exchange "doc" with "pdf" for more options.Here is an example and explanation: https://eforms.com/rental/estoppel-certificate/Some have a lot of legal jargon but this document does not need to be so detailed.

It does not detail how the sales persson is paid.

It's been fascinating to see. 

@Dan Simpson what a detailed post :)Before you move ahead on this deal, you need to calculate if the renovations you want to do still leave room for you to make money when you sell.

@John Leavelle Thanks for taking the time to write such a detailed reply. 

Account Closed as others have stated there is a ton of detail missing in your original post, but generally speaking the price you paid at $270/sqft is very cheap here in the Bay Area. 

As @Derek Dombeck said, there are different structures to know and be educated on, but even the details to those are flexible to what makes sense for all parties.