Have an agreement or contract drawn up outline terms, responsibilities, etc.

Responding to follow this thread as I would love to hear more about this same topic. 

Just like a simple document that outlines the deposit upfront and sale agreement.

It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/files 9.Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsGood luck investing and let me know if I can be of assistance.

As you search BP on various topics, you will see that many different investors have various different ways of doing things. 

Also, if you have any tips, forums, or episodes you'd recommend on this topic, I'd love to expand my knowledge.With gratitude,Joseph

I worked previously as a manufacturing engineer so I live and breath processes and documentation so I've got lots to say on those topics if interested!  

We do want "emergency cash" and to put some away for our 11 and 12 year old's college tuition (not sure where to do that, but that's another topic, unless you have advice on that too).  

What have your experiences been on this topic, and what factors do you take into account when making this decision?

I am reaching out the the BP community on a specific topic.