@Tony Valle- thanks   1)  knowing the price  ranges  you are considering  will be  helpful to get   better  replies  2)  if you will need to use  financing / loans - you should work  with a lender that can lend in all states  you have interest in and  get  formally pre approved    3)  good luck

We will write the letter to give formal notice of their expectations.

I received formal paperwork to sign from a right of way office of Caltrans. 

@Zack McCall If your county foreclosures are judicial, an LP (Lis penedens)is the first thing filed....these are what you look for wherever mtgs and deeds are recorded.  

But the formal way to do this would be to have a deed of trust and have mom wire the money to the title company.

My bank did not require any formal quotes from contractors - just an excel spreadsheet listing what I planned to do to the property.

If you do... this would simplify things greatly as you have move-in baseline and then the next step would be for you to conduct your formal move-out inspection (the tenant does not need to be present) any differences between the tenants baseline and your final inspections are things the tenant is responsible for paying for as damages.I would NOT under any circumstance let the tenant come in with their contractor.

For what it is, it is a great opportunity for someone with little or no formal education to make a decent living and theoretically provide value to investors.

No matter what the law says, there is reasonable debate as to whether or not an LOI is legally binding.If you want to tie the deal up for sure, your best bet is to execute a formal purchase agreement with closing subject to your receipt of the documents you are looking for.Negotiate a day for day extension for any delays in the seller’s failure to deliver the information you need.

A Joint Venture Agreement is usually less formal than an Operating Agreement, but it will address many of the same issues that I noted above.