Item #3 is how I got my start.

Seller took care of a list of inspection items for me and I've engaged a property management group to start marketing the house for rent.

I am no expert on the subject, just making note of it for you.From what I understand, one of the rules is that the note must be fully amortized.If you don't already have these easy format purchase agreements you spoke of, it is likely that another investor in your area does, so I would start there, however, the contract is only as good as the verbiage in it, and with lack of experience, you may not have items in there you would likely want, hence, the attorney route.If you plan to make thousands of dollars flipping deals where the acquisition was with owner carried notes, why not spend the money on the attorney?

But anything more than 6 months is very ownerous (in what is legally required by you regardng disclosures and a large handfull of other ongoing legal maintenance items) and you put yourself at huge risk as juries will be more sympathetic to your L/O tenant in which case a normal forclosure on an Owner Finance would be easier to deal with.

The primary item I notice in the kitchen photo is how much the near white walls make the cabinets seem much more colorful than they may actually be.

Attorney has realistic client control and more influence over seller than you, in this case.Reduce your deal basic terms into about 7 essential line items, such as:1) Consideration2) Terms3) Possession4) Inspection 5) Title6) Escrow7) Buyers vestingNow that you've spooked the attorney, it will be harder to close.

Just weighing my options.Mortgage on $240K at 75% LTV would be about $800 monthly PI and would net us $180KIf we eliminate 1 car payment and the furniture, that would net us paying $200 monthly more than if we kept those items under payment terms.

The other item that your tenant might want to sue you for is an injury on the premises.

I would mention that I had the letters and see if he wanted them.I have offered or returned items in the past most folks are surprised only ran across one nut who had rented a place 30 plus years before from a couple we got it from.They had stored a lot of stuff in the attic I was warned she would be a problem and to keep what I wanted and trash the rest but I insisted on returning the stuff so I called and I hauled the boxes and luggage to her  She started with calling me a thief,actually called the cops in the small town saying I robbed her That I kept antiques coins other junk(cop got a kick out of it and said I shouldn't have gave her anything back)her husband said that they had forgotten about the junk  She told people in the area I was a crook for awhile  lol Later she went to realtor school and offered to help me find property

What defines 'PIG" is functional obsolescence, age, CapEx overhead due to the previous 2 items, class of tenant attracted to location and structure, etc.$30,000 in SFR space buys 1 type of thing