Hi @Roy Mitle,Although I have absolutely no affiliate with Rocket Lawyer, I have found them to be extremely useful in having very state specific agreements that are perfect for real estate investors.

I would check with you lawyer regarding specific laws in your state, but generally speaking, I would just tell the tenant what you wrote.

If the company defaults, or if there is more damage than the security deposit at the end, will I be able to get anything out of the company since I'm sure they have an army of lawyers?

He's found the right tax person,the right lawyers, the right contractors, the right lenders.

If the warranty deed doesn't have your name on it- you will need a real estate lawyer to make the title right. 

@Jonathan Li The short answer is you need to get a lawyer.

I had never heard of the "foreign business entity" regarding out of state and wanted to verify that.My lawyer said the quitclaim should not be an issue since they do it for other clients in my situation.

Please don't try writing your own, then need to cover death, divorce, disagreements, tax treatment, governance, lead comp, and many other things an experienced lawyer would know to cover.For financing, my opinion is worthless.    

Look, the fictional Tim & Jennifer have enough money to hire a great accountant or lawyer. if they are going to be so cheap as to get advice here on BP instead of hiring professionals, then they will get a big audit!

Use your own people, to due title, your own lawyer to due contracts, and your appraisal.