My goal was to use the brrrr method but due to my travels I was finding this nearly impossible as I wanted to do some of the rehab myself, also managing contractors while on the road is not ideal in any case let alone during a first investment.I ended up going with a town home that needed very little work but one that could still give me the cash flow I needed and one that I could see myself moving into just in case thing went awry lol.

I have been studying and researching this method and would love to get my foot in with my first property.

Someone mentioned an S corporation which is a method to reduce that self employment tax- but really only advisable if you've made over $60-70k. 

The IRS actually says that this is the preferred method because it is the cleanest and best way to depreciate a property and it’s contents

I'm going to look into that method.

I would imagine a very similar list could be used for a commercial building due diligence period, with adapted terminology. 

Not sure if that method would work as well there though. 

At least some of the methods I've been using with the person I'm working with.

As an agent I would suggest you contact owners of expired listings, those listing that have been on MLS for a long period of time - BUT DON'T talk to them about listing their properties (this may be difficult as an agent because that is what agent's are trained to do) start to think and act as a counselor, help the seller solve their problem and if you do you'll put together many transactions.Also FORGET ABOUT - the conventional way of buying real estate (20% down, using a 20-30 page contract, applying for financing and exposing yourself to intimation by lenders, underwriters and others who do not care about your financial goals and would like to see you fail in your quest for wealth) - study and understand  how to CONTROL and ROLL real estate - C&R is the highest real estate leverage ever created - C&R is about selling (assigning) real estate you don't own. it all boils down to creating a "skinny contract" with only one contingency and offering that property (contract) up for assignment using the public auction method of marketing.You can do it - flush your mind of the conventional ways of doing the real estate business and start to turn over rocks to find a sellers with a need - help them and your skills will help you make some serious money.Oh!

But how should I document this and is there a specific method of capturing this damage so if she should decide to go after the deposit, I'm fully protected?