Also, do you think its necessary to find an attorney/tax pro at this stage?

@David Lee thank you for arranging the time and location. 

Since I come to pick up the money, I remind everyone so we can make other arrangements if someone will be unavailable.

Established professionally, financially and house and kids.At that stage of the game in my 20's I would dump every ounce of extra cash into a domestic small cap/ S&P mix fund and not look at it until I established myself and saw investment opportunities which cash-flowed, and I likely would have wound up right where I am :). 

But we were going to do in stages.

If their market is far below market, I may make other arrangements and get a normal tenant.  

To say the effect was positive in its appreciating non-HOA property around here is and understatement in my experience.I furnished, staged, and vacation rented one recent flip as a vacation rental before selling it, just to prove the income potential. 

He told me they took all kinds of pictures and some of them appeared to be staged.

It just simply appears as such.USLegal.com's description: Realty trust is an arrangement for holding title to real property under which one or more persons or corporations, under a written declaration of trust, declare that they will hold any property that they acquire as trustees for the benefit of one or more undisclosed beneficiaries.

Try arranging some showings to get some feedback from the prospective tenants....listen in on their conversations if they come as a couple or in groups.