The only draw back is that commercial terms are not as good from what I've seen.

It's certainly do-able, might be worth having an attorney who can draw you up a P&S.I would be willing to bet if you put it on Zillow or other sites as sale by owner there are plenty of investors out there looking without agents. 

With our product, the initial draw pays off your current mortgage.

Is it best to start with a lawyer to draw up the agreement or an accountant to discuss the CA implications and where to set up the LLC?

They won't necessarily refer you to someone that under performs or doesn't complete the work or who doesn't understand that they're going to get paid in draws so they have to be able to do the work and then get paid instead of vice versa.Hope that helpsStephanie 

Technically, you can draw up a contract any way you like if you aren't licensed (at least in NC)...You may be able to check your state's BAR website as they may have standard forms you can use. 

Do realtors ever help with subject to's and could I pay my realtor a fee to help me draw up the contracts?

Do realtors ever help with subject to's and could I pay my realtor a fee to help me draw up the contracts?

Who typically draws up the contracts for this?

He's also currently working on jobs where he's pulled over half a million dollars in just the past few months and according to him, he has no money left, so I'm under the impression he may be taking all the payments and doing something to hide them or drawing them from the company account as soon as possible so that nobody can try to go after a receivership or anything.