These tools not only allow for greater tracking performance and accountability, but they lend themselves nicely to sharing with our landlords delivering an unprecedented level of transparency. 

Any tips to help my search in finding 7% plus cap cash flowing place?

That IRS lien that didn't appear on the title search is now YOUR problem.

If they are in search of an ROI, you could draft a not showing their interest in the property should you fail follow the terms of the note.

I searched the forums for information on REI Vault, but didn't find much more current than 1 year old. 

I would recommend searching here on BP for an agent in the area you're looking to invest in.

I would set it just slightly below market to attract people who are just starting their search; and I would hold out for the right tenant.  

Just a bilateral agreement that specifies:The giver of the option, or optionorThe receiver of the option, or optioneeThe purchase priceThe term (start date and end date) that the agreement will be in effectThe consideration (typically a dollar amount) paid by the optionee to secure the right to buyPLUS whatever else your attorney thinks is necessary.Make the document recordable by your county clerk, get it signed (and possibly notarized), and then have it recorded on public record.The intent is to ensure that if he tries to sell to anyone else, a title search will find this agreement and trigger a title defect.

BRRRR is just one tool in the REI toolbox. 

How do you guys search or research the principal?