It does appear that a title company or lawyer may be best to review the terms, but I am just looking for a better understanding for myself first. 

An experienced lawyer is a must too.

And every lawyer I have spoken too states there is a long lost heir somewhere out there and judges are not quick to just give you a property.

The one has a short sale buyer we are holding our breath for.My husband says we need to hire a lawyer ASAP so they cannot take our main home/401's/garnish wages/etc.

That would all be handled by the title company, or lawyer, if you're in an area where lawyer's do closings.

LLP's are primarily designed for professions such as doctors, lawyers and accountants.So there you have it, an overview of the different types of business entities in which to choose from.

Should I have multiple purchase contract each one having diffrent contingences or write down what me and the seller have agreed upon and then go to a realestate lawyer to put it into conrtact with the right contigency wording,,a little confused with that :-(Thanxs everyone

You'll have to have a thick skin to own low end rentals, and who doesn't like getting lawsuit threats from your tenants or letters/ phone calls from slip & fall lawyers?

Title/Escrow Company or Lawyer depending on how your state does it for closings 5.

. - the lawyer i typically use did the title search so i covered that bit - the seller lawyer's (a different lawyer) did the tranfer documents from the seller's name into my wifes name, she is now listed as the owner when i look at the online tax records for the county - i dont know if any other title company was part of the transaction - once the property was in my wife's name, i paid off the credit union mortageg which was in the name of the seller - typically i use the HUD when filling in tax forms - not sure what i need to produce this time