Instead, ready "Richest Man in Babylon" and "How I Turned $1,000 into a Million in Real Estate in My Spare Time" (the original version by William Nickerson), and begin putting together a definite conservative plan to build a real estate investment business with low risk of having to declare bankruptcy.  

Just like most businesses, everyone and their brother wants to do VR PM now, including venture capital backed companies charging as low as 10%.

Seems like I'd have to get the property at a low enough price so that god forbid the seller has to foreclose there would be room for the fc proceeds would cover the seller and then my partner right?

There are a number of seasoned investors here.

It looks like there might be low to medium pest.

After a few months of looking I've got my first deal in the works. Unfortunately its 1 1/2 hours away, but its 100k less than similar properties here in the Mesa/Phx area. I figure I can manage it in the beginning and...

You can find all kinds of contracts online, but any seasoned investor (and real estate agent) would strongly encourage you to have it reviewed by an attorney prior to use.Oftentimes, off the shelve documents work fine... until something goes wrong and then all bets are off.

The great majority of our community owner clients are using related finance companies as a tool to buy low occupancy communities and fill and modernize them thus making major changes in the values of the communities they acquire.I wonder how he intends to do it? 

I make an entry for the lowes bill, not for every blind and board I buy. 

I know a few people that work there, I know they are not fly by night, but I don't know for sure their seasoning rules.