Do not leave it up to the property owner.They might not confirm the fax went through to the bank,they might submit tot he wrong department,they might be using an old dirty fax machine where the transmission was garbled and the bank cannot read it etc.Make sure they sign the release EXACTLY as they signed the closing papers when they bought.I have had instances where unless the signature is exact as what they have on file for closing docs they will not release info.If someone married or they sold to someone else etc. you can explain that away it's just more steps.

Some use it sporadically , some rent it out and some leave it vacant and use the home very little.I have two couples like that within 100 yards of my own home.

You can see the majority of my flipped properties at: http://www.wealth-steps.com/flip-that-house.htmlHowever I found that platform not very user friendly to post pictures or for visitors to leave comments so I am trying Blogger now.

That just leaves me with, what do i ask for with the lawyer and how do i make a profit?

What about turnover costs (when a tenant leaves, you'll likely have to paint, replace some flooring, repair or replace cabinets/countertops, etc)?

My exit strategy is to leave these properties to my daughters twins 8 years old and a 7 year old.

You don't even have to leave the state to see shenanigans like this.

I realize verbal agreements mean nothing, but it did leave us feeling very positive that we would get the signed contract.

I was Googling to see about FNMA delayed financing on primary properties in Texas (Texas has stringent primary property equity loan guidelines) and saw this post on investment properties.FWIW - we provide FNMA delayed financing for investment properties regularly, and what you are leaving on the table in terms of lost leverage as it is being discussed here seems to be incorrect.  

How do you lock in a deal while leaving an out?