Any lawer than can do this kind of contract?

If you move in, or alter anything even, prior to closing they will cancel your contract. 

The best approach is to have two separate contracts.

I have no involvement in the deal at all, or transaction, contract, not a consultant.I set-up a quick LLC for them to pay me under, and opened a bank account for it.

@Curt McClementsOne way to remove would be via an amendment to the original contract. 

Even your Bank may not allow a 2nd note see the contract and see if it contains any language about that.Remember that the bank does most things that will benefit them, not you. 

Any advice on how I should go about starting this partnership and maybe some advice on what kind of contracts we should have between each other when forming this.  

Would a contract between parties be needed you think?

For example, there was a 10 or 12 unit property that came on the market not long ago, and before my business partner and I even had a chance to go view it the thing went under contract within hours of it hitting the MLS.In order to find the good deals these days you really have to look off the MLS.

This will be your biggest hurdle - but you are only in Austin so driving up for a potential property under contract isn't impossible either.