I did not do that so I cannot tell you all that is involved there.To setup a Nevada LLC to do business in Nevada, there are some fixed and variable costs.Fixed costs (as stated by the Nevada Secretary of State):1)  $75 filing fee2)  $200 state business license (which you will need, even if you are only 1 person)3)  $150 filing fee for List of Managers4)  I believe you also have to pay for a registered agent, but my lawyer handled thisVariable costs:The preparation of the following documents, which you could do yourself for free, or cross your fingers and use a template from the internet.  

I feel pretty clueless as to what to do, I had lawyers open the LLCs and I don't feel I was very well educated on how to run the entity.  

This is not a skill I currently possess and have no idea how to get started, what to look for, what I need on the back-end (lawyers, contractors, etc), and I don't know what I don't know, so I literally have no idea what I'm doing.

I checked the archives, but not able to find exactly what I needed.I'm trying to get my 1st property under contract, so I'm hoping someone may be able to assist me or point me in the right direction.I've also read that REA's and Lawyers can draft an purchase agreement specific to your needs.......is this a better approach?

Definitely consult with your lawyer to figure  out all the options you have available.  

Is this something that can be vague at first (as long as it's legal and covers main points) or is it absolutely necessary to have a lawyer write one up and go that route?

Hi @Roy Mitle,Although I have absolutely no affiliate with Rocket Lawyer, I have found them to be extremely useful in having very state specific agreements that are perfect for real estate investors.

I would check with you lawyer regarding specific laws in your state, but generally speaking, I would just tell the tenant what you wrote.

If the company defaults, or if there is more damage than the security deposit at the end, will I be able to get anything out of the company since I'm sure they have an army of lawyers?

He's found the right tax person,the right lawyers, the right contractors, the right lenders.