My wife is a real estate agent, and may be able to obtain a generic commercial purchase agreement from her broker, is that a good starting point, and then we can have an attorney make adjustments from there?

@Adam TafelAs a Loan Officer Anyone who is in the process or was considering a ReFi or new Purchase I suggest you continue to make timely payments .Any new lender will run a supplemental credit pull which will have the most current history from your mortgage company .

I would assume she is past that point and throwing more generic information her way will just make her frustrated. 

The whole reason of incurring the extra $300k in debt is to provide cash flow to supplement that $50k/yr.

I know -- too generic a goal.  

The state of Minnesota actually has a generic lease agreement that is pretty darn good.

I want to supplement an income learning how to invest until it can become the income.

The next type of person this happens to is wholesalers who tie up a property with a contract but dont have the ability to close on it.Though I dont know any instance of this extending to someone making a generic offer...the conversation between agents often takes place all the time.

Also, if you have other sources, like a 401k loan, to supplement the cost, you can make this work, as long as you can cover your mortgage payment with the rent, I would keep it.

I think the big question for me, is your ROI enough to supplement what you would have in the 401k at retirement time?