Sign the paper work on the internet.

(In other words, how do I keep all of this legal on paper?)

Bring questions, paper, pen and ideas to have some fun learning!   

Soooo, it all looks good on paper and I can see the benefits.

Considering I have not yet gotten a deal closed and this person is highly motivated (wants to sign papers in a week before she goes back home - out of state) I want to jump on it but I'm trying to be smart about things.

But the problem is I don't know the market, which I think creates more risk since I could pick a neighbourhood etc. that is a bad investment, also I am not there to meet tenants, fix toilets or keep an eye on contractors.

I think it is a Fannie Mae rule for 7 years, so if you can find a bank that won't "flip the loan" and will hold the paper themselves, but that is harder and would likely be a higher interest rate.  

See also http://www.egresswindows.com/its-the-law Seven foot ceiling heightSeventy square feet of floor area, not including any closet areaA source of natural light (8% of the floor area)A source of natural ventilation (4% of the floor area)Can not be arranged such that access to a sleeping room can be had only be going through another sleeping room or a bathroom or toilet room.

Interest story though.I do like that my paper investments or derivatives don't need maintenance or have drama.

It's a "paper" that is published and contains all legal filings and notices.