It is generally defined as any property held to produce income for which there is acquisition indebtedness at any time during the tax year.

I recently did an article on this very topic...How Do You Define A Good Deal In Real Estate?

Yes, you should have a purchase agreement which will define the method, terms, conditions, etc of the purchase.  

Omar- You are correct, Indiana is still one of the states that allows a narrowly defined Lease with Option to Purchase agreement.

I was more worried originally that turnkey companies (defined as those who buy, rehab, market, sell, manage) would get more benefit from the sale than from the PM and therefore may not have the exact same alignment of interests as the new owner.

My management contract states "An emergency is defined as any event or occurrence that relates to the health, welfare or safety of the Tenants or the general public or is necessary to preserve the Property from material damage."  

Everytime I try to reply to a message I keep getting this error message no matter how long the message body is:•Body is too short (minimum is 13 characters).

Highlight all the strong points of the property and the deal.Mission Statement: In a few paragraphs that succinctly state your purposeBackground/Resume: Present information about yourself and your experienceFinancial Statement: List your assets, liabilities, and net worthSite Location: Include list of benefits, maps, and proximity to shopping and schoolsDemographics: Present information about the people living in the area (income, education, etc)Competitor Analysis: Determine who your competitors are and the present average rents and sales comparisonsMarketing Strategy: Define your target market (tenants, buyers, etc)Financial Analysis: Include all the relevant financial data: last two years of financial statements for the propertycurrent year-to-date profit and loss statementcurrent rent rolland pro forma operating statementsfive-year profit and loss projectionsImprovements: Define capital improvements to be made to the propertyRepositioning Plan: Cover the following items as needed Explain how you plan to operate the property Plan for replacing the property management teamPlan for developing a new marketing planPlan to implement a resident retention programPlan for changing the reputation of the propertyPlan for building a sense of communityPlan for making changes to the current resident basePlan for acquiring your target rentersPlan for resolving any current issuesGive summary of when and how the property will reach break-even, and how you plan on paying the lender/investorKey members and advisors that are part of your team: show that you're a professional that knows how to leverage the experience of others to increase your credibility property management companyattorney & title companycontractorsPurchase Agreement: Include your sales contract with the sellerKey Milestone Dates: when the due diligence period expiresthe expiration of the financing contingencyclosing dateExhibits: Include photos of the propertyaerial mapstax returnssample floor plans, and the like

Might start with "why invest in notes" currently on the forum board, there are tons of threads to read, might read some and better define your goals, "trust deed" investing is usually buying notes, at least here.

Before you buy anything, I recommend that you clearly define your end goal in real estate investing.