This will be my first time filling out a contract.

Example #1:1 - Bring in a cash partner at <fill in the cost to buy in and % of returns they are buying>2 - Put a timetable on their involvement, with a payoff of their original capital + returns.3 - Use the funds to pay off the remaining balance in the original property's debtExample #2:1 - Bring in a cash partner that pays off the existing debt completely, and give them a guaranteed return based on the time it will take you to do the conversion and sales.2 - Use the funds to pay off the debt.3 - You now have 100% equity, and you're freed up to get the needed funding for the conversion...and all of the original funds back for use moving forward with your next deal...simultaneously. 

Hi Ryan, You can shoot for the SFRs and use a combination of the following to "fill-in the gaps:" Net Lease Properties (NNN)Delaware Statutory Trusts (DSTs) Tenant-In-Common Investment Properties (TICs) These are often used a back-up or filler properties when a 1031 Exchange is involved.

That hasn't been an issue yet and maybe @Trevor Mauch could fill us in on future plans to limit this.

I am primarily talking about people with zero experience and no clue about contracts, how to fill out  one they downloaded and worse, absolutely no money to actually close the deal if they cannot find a buyer.

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I have a feeling the person filling out details did something wrong.  

With a solid core door you can fill a chip with wood filler, sand, and paint over and it can look good as new.The older 1950s homes I buy generally all have solid core doors which can take a lot of abuse.

I actually have gotten with numerous lenders and attorneys and each have told me that it's flat out illegal to try to assign directly to the end-buyer w/o a license since there's no way to fill out the HUD-1 showing me getting paid an option fee while having it also count as a down payment for the buyer.

If there are cracks, but not significant ones, less than 1/8", then you can fill it with hydraulic caulk.