Any alternative will cost you more in the long run (lawyer fee's, lost rent, tenant from hell).

Can anyone tell me what goes on the last three lines in this agreement "Bird Dog AgreementThis Agreement is made effective as of ____________, 20__, by and between ____________________________(“hereinafter “Buyer” or “Seller” [circle one]), of______________________________________, and__________________________, of______________________________________." 

The best bet is to position yourself so a crash will not effect you that much. 

But I think it would be worth it.My goal for this are:-Effectively clean up area and improve the neighboring area-Make some money by packaging a SFH or multifamily apartment complex/developmentHere are a few questionsWho would I talk to about re subdividing?

Your business lawyer should be able to help you sort this out.

I use 10% as a capitalization rate in many circumstances, as costs to enter a transaction or deal increase, the time/management increases, any risk increases, that may go up to 15%, tax effects may take my requirement higher too.

This seems logical if you look at a few years, but after >= 10 years, it seems wrong to ignore the effect of appreciation.Some areas exhibit more growth then others, so it seems there should be a more complete metric.A real-estate investment professional has showed me (among other things) the metric which was named "Cash on cash with equity build-up".

First stop is your lawyer's office.

I'm thinking about contacting as many well-known lawyers as I can and setting up a deal with them.

Find a good lawyer who handles them all the time.