Have the meetings, carryout follow-ups as appropriate, and document what you saw, met, like, disliked, etc.

Is a partnership appropriate in this case?

I heard of that process, but I wasn't quite sure of the appropriate place to look.

@Anderson Lioyn,You'll at least need a business license, and your local city and county might require additional licensing or special permits as well.This question is better reserved for someone who works for the local and or state Government and can answer your question directly.I would start at the sites below and poke around until you find an answer or go ahead and give them a call and they should be able to direct you to the appropriate department.http://business.ca.gov/StartaBusiness/Registeringa...http://business.ca.gov/StartaBusiness/Registeringa...https://www.cityofsacramento.org/Community-Develop...https://www.cityofsacramento.org/Business/Starting...Plus, since you seem to be at the beginning of your Hotel journey, here are some references for running hotels that may answer all the questions you'll ever have better than we investors and agents can. http://www.amazon.com/100-Tips-Hoteliers-Successfu...http://www.amazon.com/Cornell-School-Hotel-Adminis...http://www.amazon.com/How-Run-Great-Hotel-Everythi...Best of luck!

When networking, is this a appropriate as a conversation starter?

Anyway, I proposed that I buy the house quickly, and that we can have a local title agent or lawyer draft up the terms, and do the closing in a "proper" fashion, which tells the owner that I am doing this in a legal venue and with appropriate players.  

Broker-Tov is really good, though - and such an appropriate use of pun.  

This applies to 401k's too.As you also mention, work with a knowledgeable and qualified professional who understands these nuances and can guide you appropriately.

I provided the buyer with  what I thought were more appropriate comps of 5 acre properties that are in adjacent towns, all less than 10 miles away.

You also want to make certain the laws are followed, documentation is appropriate to your state, but most importantly, you have to make sure things are being recorded.