Yes, Yes, with proper deposits and built in protection with rent prices via maintenance reserves.This is one method we are considering rather than trying to find a flip to increase investment capital this year.Thoughts, considering low Cash on Cash but possible increased investment capital through equity?

I would make sure you have adequate insurance and hold your properties in an LLC to protect your assets.  

Can you think of any important information that I need to make sure is in the agreement for my protection as well as the sellers?

I am wanting to find out if this sounds like a good deal and if so, how do I protect myself on paper and ensure that I am legally entitled to my share of profits?

In the past I used Landlord Protection Agency  www.thelpa.com.  

We have developed significant expertise in the area of reverse exchanges over the years.

This gives you the maximum amount of protection and allows for both partners to easily exit this deal.

Additionally, the fact that his company filed for bankruptcy protection in 2012 definitely made me glad that I didn't really take the book to heart. 

The purpose of title insurance is to protect you against problems from the past.2.

I hope to learn from the collective expertise of the members on BP.