Everything seems standard with the loan except they require a signed lease agreement from a tenant at closing.

According to them, it is standard practice to quitclaim the property back to the name of the individual to get financing, and then put it back into the LLC or other structure.

I have a very large number of points on my Chase Sapphire and Amex and discovered I can get nights at the Hyatt near work for 5000 points so my current plan is to take it slow and learn a little about the market before jumping in.

You will likely have to file an unlawful detainer versus standard eviction.

Yup, getting an appraisal is standard... 

If you are looking at lenders structuring loan as a business purpose loan that would mean they also don’t follow standard Respa-tila guidelines that are standard for residential and some other commercial loans.

If they meet your standards (income supports new rent amount) and are/have been good tenants, how much is it worth to keep them?

My question is "Is it standard practice that the Draws are on a reimbursement basis?"

As to terms and conditions, you'll negotiate the various conditions you normally would with a seller, such as earnest money amount, closing dates, due diligence dates and any other special conditions.Most real estate attorney have addendums to standard P&S contracts, namely, the contract is not assignable, and is the first item on their addendum, otherwise standard contracts is assignable by default.

I verify the work is done to my standards before I cut the check.Trust, but verify!