This is completely legal where we are but should be verified for your area.

It still sounds very attractive and amazing for me if I can invest a property with 10% or above NOI, but for sure subject to limited legal risk and potential crazy tenant.

And if one isn't careful, they can end up in some legal issues and money issues if they don't have a professional holding their hand through the transaction.

Well, you probably shouldn't get legal advice (whether you need an attorney) from BP. 

I quit my job at the end of 2014 and in 2015, my husband and I decided to design and build our own Tiny House on Wheels (THOW) to start our path to financial independence. 

As an independent, I can write whatever deal you can imagine so long as it’s ethical and legal.

I have a shop in my town that has all sorts of legal documents for $5-$10 per.2) Option agreement - You can find these also at the same type of shopThese two documents MUST be separate documents.

@mau pan not sure how the laws work in pa but in Georgia you legally own the property the day of the foreclosure auction even though it can take several weeks or even months for the attorney to prepare and record the deed.So I always immediately get insurance, put utilities in my name and if it's vacant, get physical control and change the locks.Regarding the possibility of leaks, I always ask the water company to put service in my name, unlock the meter but leave it turned off at the meter.You can the turn it on yourself with a curb-key or a decent pair of pliers.

I love to learn and want to get in on the real estate side, but I still want to be able to utilize my technical and design skills.

Now I prefer to look at homes empty, but as a designer (computer, but designer nonetheless), I can visualize things better than some I suppose.