Jason and I are doing the documents for the short sale and I found the deal and brought in Randy.I am getting a variety of answers back on this from Title, Realtors, Lenders, etc...Originally we were all going in and on PSA as buyers.  

In general, NY was trading for 45% of FMV (commonly documented by a BPO) lately that has pushed up to around 55%.

But it is a document that you must agree to that says the Realtor represents you and is entitle to a commission.

cite=82.45If the property is owned free and clear and there is no consideration given then you can document the affidavit as a gift, making it a taxable event for you personally and not the Seller. 

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However as others posted above the paper copy ( of the recorded deed) once actually recorded is not an important document to keep on hand as its of record and in many counties it takes 30 to 90 days or more to receive the original back in the mail..

But you need to show that you had the intention with some documentation, like a signed lease for the property, newspaper ads, craigslist ads, photos of for rent signs on the property, etc.And unless you do another 1031, by selling the 1 property you'll owe taxes not only on the 1 property sold but also a portion of the gain from the first property relinquished in the 1031.An alternative would be to suggest to the buyer a rent with option to buy or some other mechanism to both show rental income as well as deffer the sale until year(s) down the road.

Are there any other things we should be doing to insure proper documentation?

If records are online you can also look up recorded documents for that specific property.  

Common sense would say she already has these documents on hand from the seller for you to review.If she does not have these and will not allow a contingency...RUN