The 50% rule - in my opinion- is used solely as a quick back of napkin calculation to determine if it is worthwhile to do more investigating of a property. 

It may be out of state, so you will have to determine if that is something you are willing to explore.It isn't always cut and dry as some suggest. 

If purchasing new real estate as part of your reinvestment, a cost segregation study can maximize depreciation deductions, offsetting future taxable income.For effective planning, assess how the sale price is allocated between real estate, tangible assets, and goodwill, as this determines the tax treatment.

The reason why I ask is because that could determine what loan options are available to you (and interest rates). 

Determine at what percentage of completion you'll pay for work done. i.e.

After reviewing your application, we’ve determined that, unfortunately, we are unable to move forward with your application at this time, as it does not meet our established criteria for income and (other established criteria) We appreciate the time you took to apply and wish you the best of luck in your continued search for a home. 

My bigger question is: do people NOT have an attorney review what they sign before they sign it.

Inherently the steps are the same as if you were purchasing with financing save potentially less closing costs and ability to close sooner (if needed).The terms of your offer (ie -contingencies, closing cost splits etc) will determine what is different. 

I have heard so many people getting charged the "fees" for signing up for a free CD.

This is a house that I’d tell others to run from, but since we already own it we’re just trying to determine best options.