I need help on the lending side for this potential deal...I am negotiating a purchase agreement with a seller carryback of 20-30% as a second-lien position. 

There are lenders that will help finance up to 90% of the purchase price and a 100% of the rehab up to 75% of the ARV with 660 and above credit (the exact details depend on the property and the borrower's credit profile).

Why do you think purchase contracts are so long and have such small print?

Typically, you can purchase an umbrella policy for as little as $300-600 annually that offers a million dollars of liability coverage.

Purchase was $134k and it has fully depreciated after 27.5 years.Second unit is a $350k listing with a $45k mortgage remaining.

Seller Financing: In some cases, the seller of the property may be willing to finance the purchase themselves.

Why not buy it with private money, borrow enough for the purchase/repairs/carrying costs, and then refinance once the repairs are done?

Why do you think purchase contracts are so long and have such small print?

I've been getting a lot of first time investors asking if there are any programs in Texas to help with downpayment for home purchase.

I obviously would want to have control over the property and maybe a pre-determined purchase price?