After a months work to raise the rent, change the Home Owners Insurance company, get an Appraisal and maybe pay down a little on the mortgage to remove the Mortgage Insurance, I should be able to show up to $300 a month Net Rent.

There's more I need to learn no doubt but my goal is to convert more of my leads that I can't wholesale into deals instead of just referring them to a agent.From what I understand there's TWO documents the seller would have to agree to the Lease and the Option.

You need to ask to see the documentation that enables your seller to pass marketable title.An an informal (summary) probate, you would entitle the seller as Mary Smith, personal representative of the estate of William Smith, deceased.If a formal probate, they will vest as "Mary Smith, Administrator of the estate of William Smith, deceased."

This was not disclosed by the seller in the seller disclosure document.

I also think your annual insurance of $700 is light for the price.  

Do you mind sharing the taxes and insurance numbers on your Texas properties?

Check out:  http://www.michigan.gov/documents/business/Guide_to_Starting_a_Small_Business_271487_7.pdf

How much is utilities, taxes, insurance, etc? 

Questions and thoughts:  Insurance seems a little high.  

But to answer your last question, when you close on the property, the title company handles all of the documents and recordings needed for the sale.