Hello BP....I was wondering about the assignment contract and how should it be worded to protect me if the buyer backs down or whatever else that can go wrong. 

In the case I am sued, how can I protect him from being named in anything or his earnings at risk?

If the home is owned free and clear, you could record the option to protect your interest.

Then, if/when the market corrects to a lower cost point, I'll switch to buy-and-hold (hopefully cash flow is more reasonable then). 

Or do the contract protect this from happening, and if so aren't the contracts only good for 30-60 days usually.

We are in search of mentors who can guide us through the process and protect us from the scammers and others who take advantage of newbies.

Consumer protection laws, time consuming and expensive court procedures, and so on have forced some hard money lenders to become even harsher when applying for a loan.

I've had ceiling fans in all my rentals - I've never got a call or had problems with them - except for own - which had a switch go bad and was easily fixed for a few dollars and about 10 minutes -  In fact  - I actually did receive a call about a fan once - a tenant of mine wanted permission to install his own fancy fan that he received from his sister - he said he would leave it in the apartment when he left  - It was a really nice fan - so I went ahead and installed it for him and when he left, true to his word - he did not ask about the fan or indicate that he wanted to take it with him.

How can you protect yourself from this?

If you are on a month-to-month rental agreement this will be easier to do than if you are on a long-term lease, because the time-line to make changes can be shorter.Also, you need to know more about who is residing there so you will be better able to tailor your communications and also to protect yourself and your property.