Best words of advice I can give about any subject...Learn ferociously for a short period of time (always with the intent of applying the knowledge), take a few of the concepts you learn into the real world on a small scale to actually feel it and gain confidence, make a plan with short and long term goals and then attack it.

Most of my IRA rehabs will return my money in a 3 to 4 year period with the house held free and clear.

I would like to purchase 2 single family homes and a small multi-family in about a 2 year period.

Your RMLO partner will calculate the agreed upon amount based on a specific period of time and if you have agreed on a balloon payment or not.

And yes, you are correct, almost all vacant land contracts have a very open feasibility study period that allows you to walk for any reason. 

Period.

In a super hot market, I'd be asking for short option period, with a relatively high option fee. 

We try to focus the longevity of the investment period but market forces can either accelerate or delay such plans so it is always at our discretion.

Each title company presents their 'offer to insure' called a preliminary report, subject to their interpretatation of status of title and their list of exceptions, if any, which are the 'fine print'.Generally, prior to a quiet title or other lawsuit requiring notice to other parties of interest (including creditors) a litigation guarantee is the product offered, naming all those parties that requiring noticing, including any government agencies. 

You are correct that in most cases, any commercial loan to a smaller/not established LLC is going to be personally guaranteed by you - that said, these still don't appear as residential mortgages on your credit report, so although you're guaranteeing the loan it won't appear as a mortgage (or any debt for that matter) on your credit report.