Usually, it's best to just get that quote from them right there on the spot, that way you have your numbers but then, if you're planning to award them the job, send them the price they gave you and ask them to put it in a formal quote so you can see everything they are including in the price. 

If it was a simple (i.e. non-judicial foreclosure) then it'll be cheaper than going thru the courts to take it back.4) Determine your walk-away number. 

You are operating a business, send a formal notice, usually by Certified Mail, Return Receipt requested.

You don't need a formal entity such as an llc or C corp in order to apply for a business credit card, you simply need to own a business (owning real estate). 

The human experience parallels this trajectory as it plays out on a smaller scale throughout our lifespan.The PastGoing back to the early days of formalized education, our report cards were the preeminent measuring stick used to determine our success.

You definitely want to strike while the iron is hot and get the deal on paper, but you probably also don't want to use some free template you find online that may not be applicable to your state or your situation.You might consider just writing up a simple one page agreement that outlines the key points (purchase price, financing, inspection period and other contract contingencies, closing date, etc. and get it signed (and perhaps notarized for added formality?)

My first partnership on 2 properties we didn’t have a formal agreement or formal exit strategy and when we caught the partner embezzling money they refused to buy us out or make good on the money and we had to sue them which cost $20,000 and a lengthy court fight.

I am not a lawyer whatsoever, so please don't take my advise as any formal legal guidance. 

The IRS has conducted two Formal Audits of the Structure and Law Firm with no particular case in 2008 & 2019 and these were also “no change audits”It has been reviewed by FINRA and multiple National Tax Law FirmsThe Deferred Sales Trust attorneys offer Audit Defense for each Deferred Sales Trust for the life of the trust.

That's OK - if you are financially equipped to carry the mortgage.Obviously, you know your relatives better than I do - but I would caution you to be judicious with renting to relatives.