If the borrower uses rental income to qualify or if the loan amount is greater than $417,000, six (6) months of reserves must be documented.

I had to sign all sorts of documents saying I would live there.

@Frank Casi, I agree with you to a certain extent, which is why I believe finding the right property management company to partner with is the second most important part of real estate investing (the first part being to buy the property at the right price).The good news is that the BiggerPockets community can definitely point you in the right direction as far as property management companies go.Similarly, you can post every opportunity you get in the forum and you will receive instantaneous feedback, which should help you evaluate whether the deal is right for you (kind of like you did with your original post above).All in all, you are on the right track and taking the right approach.  

You will probably need two documents: a Promissory Note which describes the terms of the loan and a Mortgage which is filed with the County clerk to secure your lender's interest in the property and which will allow them to sell it if you fail to make the payments.

Lenders must keep copies of the Loan Estimate for three years after consummation, and retain copies of the Closing Disclosure, in addition to all Closing Disclosure-related documents, for five years after consummation.The Final Rule also includes several other substantive changes and additions to TILA and RESPA, including, Defining what constitutes an application: The removal of the seventh catch-all item.

If the other buyer does not submit the documents promptly, they may just accept your offer.

So the answer is in enough time for the QI to coordinate some document preparation with the title company or attorney closing your sale.  

Once you've doesn't the money for an attorney to draft that, which I suggest that you do, you'll have that document to use as a tool for other note purchases. 

It doesn't matter where you go in this great country, if you turn on the news, it's the same as here in Memphis. 

They are saying the purchaser pays the premium for the issuance of the title policy, including cost of title search and recordation of title documents.