Still looking for a simple contract if someone has template I could start from.   

Your team is given to you, and you are told plain-and-simple: work together!

For the tenants that you respect and appreciate, I'd keep it simple with a handwritten card and possibly a coupon/gift card (Free holiday pie, a free turkey, $20 gift-card to the local supermarket, etc).

I am going to just do a simple buy and hold model with multi family units.

., that mirrors the one on the seller side.What I described above is the simple frame work of contracts involved in doing a wholesale deal, where the seller and buyer is on separate contracts, neither is aware of the profits you're making.

Price point, area/location, individual investors abilities or finances, individual investor's risk tolerance or business plan, level of rehab, etc.As an example, the 70% rule (more appropriately should be named "70% guideline), is a simple back of the napkin analysis and is NOT ever to be used to make your final purchase decision.

We have met with a lender and she gave us a simple run down without checking our credit to give us an idea.

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

As for long term I know I'll have to consider having them separated to keep things simple.

I am not exactly in your part of TX but SFR is pretty simple.