I've done my own property management in DFW, so I gave her confidence that I knew how of take care of tenants.Out of the 5 properties, I really wanted the 2 duplexes, then maybe one SFR, and I wasn't too interested in the last two, one because of location out of my target area, the other one was over priced for my purpose.  

The night and/or morning before, read over your lists a few times.It is a confidence boost and will put you in the right frame of mind for showing them why you are the best candidate for the position.You will also be guided by the questions they ask you. 

Check out @Justin Silverio's Boston Investor blog.Some of the goodies he has there for people are a purchase offer form and an assignment form that have been vetted by an MA attorney (Same one I use so I'm confident they are good forms). 

The thing I found to be most valuable in my first deal is the confidence and comfortability I have gained in RE.  

You can spend months discussing among yourselves what you need and what each would like but I feel confident an experienced attorney can get you there much quicker and help you organize yourselves more effectively but to answer your question yes there are established laws that govern what you can do and how you need to do it to be within the law for what you propose to do.

And how confident can you be that they will be around for the long term to honor the deal? 

It doesn't have to be half the deal, but 5k shows you are fairly confident.  

It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.You are here at the Forum, but, should raise your mouse to the top and explore the otherheadings displayed.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums,Marketplace, Learn, Network, Analyze, Resources.Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of bookrecommendations.Also, you can review the quick links below to help solidify your grip on this site. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessAfter becoming more knowledgeable and confident because of my above suggestions, take action to snag your first real estate investment deal if new or add to your existing holdings if you have prior experience.Don't get caught up in analysis paralysis.You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.Take calculated risks if needed and you shall be rewarded!"

This will give you confidence and you will sound like you know what you are doing.

Confidence is not my strong suit, which serves me on one level, I do my homework, but hinders me in other ways, not trusting I've done well.