I want to understand the legal bound of what a quit claim deed does.

The broker, "no I didn't see any termites and I didn't actually remove the siding."

If it is the actual foreclosure auction, not a REO auction, the bank can only collect up the final judgment amount.  

We actually met with a money lender earlier this year to discuss a commercial deal we were looking at.

Actually, I ran the report again with 20% down and got a negative cash flow and CoC because I have to service the debt.

Always ask for the actual's.

Actually had a call with a broker yesterday who has agreed to send me leads.

I need help actually understanding, in dollars and cents, how to use it when looking at a deal. 

If your $538 a month is actual cash flow then I am happy with that.

The tenant doesn't own anything until the option is exercised and they actually buy the property.Owner financing is the owner acting as the bank with a promissory note with the terms of payment (principal amount, interest rate, number of months).