-credit check (you will be subject to regulatory rules ), but the point of hard money is that the asset being lended on is your primary security - you must be ready to foreclose   -paperwork for professional HML companies is more or less like a standard loan package with some different terms.  

http://www.lawlib.state.ma.us/source/mass/cmr/cmrt...Below is the Mass way of describing the law24.04: Required Insurance and Capital Program(1) An LLP or LLC must maintain in good standing professional liability insurance which meets the following minimum standards:(a)The insurance shall cover negligence, wrongful acts, errors and omissions and insure the LLP, LLC and their respective partners and members (M.G.L. c. 108A,

So evenings and weekends would be standard times for me.

I have a list of repairs/replacements of all sorts with standard costs & labor rates for this area.

In my state I just use the standard rental lease agreement form from GLVAR.

An inspector can miss things and it is my belief that you should really know what you are getting into on your investments...

Offer Price: $110,000LTV 75% with 4.75% interest.Amount I put down: $27,500Loan Amount: $82,500Rent comps from Agent/Zillow/Hotpads: $1,250 The following are expenses :Insurance: $1,500Vacancy: 10% - $1,500Maintenance/Repair: 10% of annual income - $1,500PM: 8% (will be doing this myself but included just incase) - $1,080HOA: 350 TAX: $2,600Improvement: $5,000 (minor but needed to bring up standard for rent income)Closing Costs: Estimate at 4.5% ($4950)Cashflow: $1,246 NOI:  $7,710 CCR: 3.33%Not sure if this is too conservative but do cashflow $104/month. 

If you know your numbers and your offer is a good deal (which in this game is a killer deal) .. then there is no reason to have a 'standard contingency' to allow you to back out without losing your deposit.  

We are at this moment looking into forming an LLC. and coming up with a structure of how we will try to do day-to-day tasks, developing tenant forms suited for our needs and just basically setting up standards and rules we will run our business by. 

That's very standard to do the inspection after a contract is signed, even in typical transactions when the sale is directly between the seller and the end user.