Yes, always execute a NCNDA when brokering.

An executory agreement still requires unilateral cooperation and requires an additional "next step" before the agreement is fully executed.

I am looking at a condo in Washington DC in an up and coming area near Howard University.

Lastly, what about rental agreements can the existing owner rental agreements with tenants suffice or should I execute new ones? 

Then when you execute your option to buy, the purchase price will be commensurately lower since you would have had some portion of rent payments reducing it.Another option is not to do a MLO, but to do a land contract.

I don't have real estate experience other than reading a lot of different strategies with never executing on them for one reason or another. 

As a veteran I get asked some disgusting questions about my previous profession even by executives interviewing me so I have found ways to get around them.When I get asked how many I own, I respond with a humors "enough to keep me busy" and laugh it off. 

To me, this level of planning, due diligence, and detailed analysis/unerwriting of all of these considerations is one of the major things that separate the newbies from the pros; the ability to execute such plans is the other. 

My hope is to connect with other North Carolina real estate investors, specifically in the Winston Salem, Charlotte or Greensboro areas, who can help me in the execution of plan to create passive income through the buying and holding of multifamily units.  

Make sure you get that from the previous owner and have the tenant sign a letter stating the amount given.Get a copy of the lease or have them execute your lease as soon as you take over.Any pets?