In our arena, what one would have to defraud someone by making them believe your stopping the foreclosure process without selling their home, but in reality they are selling it.However in the case of making an offer on a home that is well below market value, no where in the law have I found that it outlines or implies that paying well below market value on a property, with or without improvements after the fact, then selling it for more than you paid, is equity stripping.If someone makes a offer, the owner accepts, and you both use a standard real estate purchase agreement, then do a standard closing, even if you do a double closing and sell it for a hell of a lot more 30 minutes later or 5 years later, that's not equity stripping, as the seller fully understood they where selling the property.

I am making a broad assumption that there wasn't a formal contract with scope of work outlined, that was then modified and re-signed as changes occurred.  

You definitely have a great plan outlined in your intro!

I might have a few people interested in private funding but as long as I have the right documents outlined and a plan, what else is needed?

If you have any helpful advise on investing out of state or have an outline on the process of getting my first rental property (i.e. get preapproved -> find home -> send inspector -> make offer?

BRRR ( Buy Rehab, Rent , Refinance, and Repeat ) :-)  Thanks @Jasmin Dover I've always wondered why people choose that avenue when a more effective route is the spread sheet I outline at the link below@Eric Brown can you comment on the tax advantages/disadvantages of the following spreadsheet scenario?

Your lender should issue you a commitment letter outlining the terms. 

Does your lease outline a penalty if they were caught with unauthorized pets? 

Should I start an LLC or just have a lawyer draw up a contract outlining each persons involved expectations ?

I personally know an experienced investor who is also an agent/broker who could do a much better job outlining some of these issues (yes, I'm looking at you @Marta Brown!).