Personally, I built mine to my requirements and to fit our syndication model (everyone has their own little flavor with their own assumptions and models).

To get a flavor of his approach check out BP podcast 52, McElroy's interview.

People who look for legal advice on the internet are a distinct group, they are a cross section of not having a lot of experience with real-estate and do not want to pay for a lawyer.

To replace a vetting process by simply looking at someone and going with the gut would be a mistake, I agree 100% and I just wanted to make sure people reading this understood the very distinct difference between my business and a traditional rental property management approach.  

The 2-bedrooms pulled in a little more money, but the distinction between studios and 1-bedrooms was almost non-existent.

I am a conventional mortgage lender (by the way ARM's are conventional loans, just a different "flavor."  

Robert Kiyosaki makes excellent distinction between investments and liabilities.  

You have a distinct advantage.

There is a very visible distinction once you cross the tracks over city lines driving down Green Ave. 

There are no wrong answers - each investor has their own "flavor" if you will.