I don't have a Memorandum of Purchase Agreement contract.

Meanwhile while you go under contract they are already trying to sink their hook in the next guy and your property might take 3-6 months longer to get completed.

I also want to mention that I've been buying multi-family buildings with Partners here in Brooklyn for the last 20 years, currently have 7 multi-family, in Contract for a 3-Family Building in Prospect Heights for $1.890 Million.I know there may be others that might suggest you live in NYC and buy cash flow properties outside.

Remember when choosing a property management company or any other contracting service for that matter, CHEAPER is not always (and usually NOT) the best.  

or should I work with the tenants and do land contracts to sell them the properties at a higher interest rate and higher asking price because I am sure none of them have enough for a decent down payment and also I am concerned that interest rates will increase and I will be stuck holding a low interest loan and my money could go somewhere else, also I do not want them back. 

I am looking to bid on a foreclosure (upset bid after sale) and I got a title search done that showed a Contract Memorandum between the owner and a Property company (assuming its for a sale) that was filed after the initial foreclosure sale at the court house. 

I almost bought a short term rental but I decided to back out of the contract.

Once you have a property under contract have it professionally inspected.  

Do I have to have a realtor or lawyer draw up the contract or can this be done by anyone?

Hi Account Closed, I haven't had to do any major contracting work in my RE experience yet, but I did start doing research for a new multi-family construction/build in Hampton Roads and got great guidance and traction with Gary Tiller of Tiller Construction Company.I found him through buildzoom and he was one of the first contractors to respond and call me directly.