Daniel, have you run this kind of deal in the past?

Bill You should start by contacting the Real Estate Board: There is a recovery fund for consumers who have been damaged by Brokers. http://www.dre.ca.gov/consumers/consumerrecoveryaccount.html  One of the most common reasons for Brokers to get in trouble with the board is for this kind of thing.

Montgomery county is kind of insane.

You could say NE Minneapolis and St Louis Park, but they're kind of old news.

What kind of contract/agreement should I use to put this in writing?

You can buy and out of state rental property with $15k.You can invest as a PML or JV investor in many investors deals on BP with that kind of money.

I always like to start with the rents and reverse engineer it.Current rent $625-25% total (vacancy repairs cap ex management)Assuming tenants pay all utilities $470 left before monthly payment, taxes, insurance -$500(estimated) Monthly mortgage payment & insurance (no tax) for a 15 year loan.OR-$350(estimated) Monthly mortgage payment & insurance (no tax) for a 30 year loan.Depending on what kind of loan you have out15 year loan, cash flow = -$3030 year loan, cash flow = $120This does not take into consideration the rent increases.

We both kind of had a revelation about financial independence and retiring early aspirations combined with career changes.

I never really considered it because I try to be kind and polite to everyone, but I believe the house we are under contract on right now may have been a similar scenario. 

Is there  any BP members out there flipping in this kind of market and is it profitableGary