James, it works very well for my area and most of my rentals have new tenants under contract before the old tenant is out. 

When you bought the property, you should have received deposits and contracts from the previous owner.

No disrespect to the previous reply but I think your situation is different; he was talking about multi-units (where inspections can be tricky due to tenancy) and you seem to be talking about a duplex or SFH that you can rent rooms to (apologies if I'm wrong).My point is that the previous replier aired some very salient and smart concerns but I'm not sure they all apply.

Get SMART and figure out what kind of real estate investing gets you excited and can get you on the path to Financial Independence.Work on your network.

Get SMART and figure out what kind of real estate investing gets you excited and can get you on the path to Financial Independence.Work on your network.

@Nicole WalleyYou can either download a generic (fill in the blanks) state form or have a buyer agent process it for you.Here's one that the State Florida Realtors have approved.http://www.olympiatitle.org/PDF/Real-Estate-Contract-for-Sale.pdf

I’m already under contract with cash as the form of payment..

The duplex is fully rented with signed lease agreements and cash flowing well.I then had a quadplex under contract and attempted to finance this with the same bank and they told me they could not move forward with the loan due to me being “out of state” (I am based in California but moving to Nashville soon).

We want to have a contract in place stating who does what, who's responsible for what, who get's what cut, and who will invest what. 

Properties have also been going immediately under contract in this area at our price point.