I tried the Central Appraisal Districts here in Dallas/Denton & Tarrant and have not been able to produce a cash buyers list if its even possible.

This would be an incredibly risky investment.

Have the owner produce Schedule E from his tax returns for the past couple of years to see the expenses being claimed for his tax deductions ... 25% is too low.

You would be better off wholesaling or flipping the properties to create operating capital until you are in a position where it makes sense to take some of your money off the table and stick it into an investment that will produce passive income.

Here is a clause....Non-exclusive: If the Optionor, or Optionor's Realtor, produces a bona fide written offer during the term of this agreement and prior to Optionee securing a buyer, or purchasing, this agreement will be considered null and void at Optionor's written request and payment of release fee of $1,000.

., etc.Books, podcasts, youtube videos are incredibly valuable, but there are many aspects of real estate that are best learned through direct experience. 

If you have a fund prospectus template or similar documents I could use make sure I am pulling this together in the right way I would be incredibly appreciative. 

I like gross rent multiplier, how much the property produces compared to its costs.  

A cheap one won’t deliver, won’t produce the quality you want, won’t pull permits or build to code, will cut corners, or better yet run away with your money.

I am a member ofhttp://sjreia.org/  I have found the people are really great and share a lot of incredible information but it is based out of Cherry Hill and not a lot of local Ocean County members.