In addition to above, the lack of core investment opportunities, and inadequate inventory for proper diversification are critical issues that the industry needs to solve.At the same time, I don't think all of them are going to end up in a ball of flames.

I simply add something like the following to Block 20 ("Additional Terms"):"Buyer reserves the right to finance a portion of the purchase price, but is not requesting a financing contingency".Obviously, if your financing falls through in this scenario, you are obligated to cough up the cash to close, or lose your deposit.

During this time we can decide if we like the area, while searching for other areas (perhaps less touristy) and if so, purchase an additional home in a traditional residential area and use the "vacation" home as a rental?

The house cost $80K, the first renovation was $57K and enclosing the patio was an additional $12K. 

There are well reasoned articles by attorneys around the United States which explain that the ideal scenario would be to have a local attorney walk through your particular business plan to determine your best course of action and to draft what you need.

The only ones who can truly teach you the steps to success are those who have walked them.

So to do that you either go and walk around handing those to people (not very effective, not very targeted) or you can buy a good proven list to mail those postcards to so it's more targeted. 

Maintenance is an additional cost. 

Any additional inputs are very much appreciated!

Additionally, when talking "Cash on Cash" and Cap Rates with other investors, is it typically assumed that a Cash analysis on Cash includes the types of expenses I list below?