Scott's book, and he outlines how to do this.

It will all be outlined or include information to set you down the right path.

It should outline the rent, deposit, lease term, who the tenants are and anything else that might be in a lease that's important to you. 

I would agree with the more conservative approaches that have been outlined in this thread. 

That is, can there simply be a document outlining the terms of the loan?

My dilemma is that I have yet to sign any type of agreement or contract with the property manager outlining their fees and how I'll receive the rent.

so yea, seems like the steps you've outlined are correct.let me know if you need structural engineer referral.

Outline what the minimum balance that reserve account should be maintained, and then you can fund this scenario from reserves and not "out of anyone's pocket". 

Depending on the circumstances, you might be able to take advantage of the mechanisms outlined in the Home Improvement Consumer Protection Act ("HICPA") and the Unfair Trade Practices and Consumer Protect Law ("UTPCPL"). 

The standard Fannie Mae Real Estate Purchase Addendum (available for review on the Fannie Mae website at https://www.homepath.com/make-an-offer.html), which alters and takes precedence over your state contract.If your agent didn't submit the executed REPA with your initial offer, I'm surprised it was even considered/accepted.While I admit, paragraph 17.J seems to conflict somewhat, paragraph 5.a of the document clearly outlines your 10-day inspection contingency, and five-day grace period following completion of the inspections.The REPA is a standard form, and in my experience, there is no negotiating with FNMA on the form.