I have read on some of the other threads on the Lease Purchase Option and understand how the concept works, but just wanted some feedback and direction on finding the proper forms and how to handle it so that as the owner of the property, I am covered. 

The more postcards you send out with proper frequency, the more deals you'll get.

I would recommend proceeding with a turnkey rental out of state as long as you have properly vetted the turnkey seller and the numbers on the house are good.  

Liens or encumbrances not made of public record or coverage as to area and content of land without a proper survey are general exclusions.

You did this when you piled on the complexities of another child and renting your current house out - which to me is when you should be working 10X as hard to ensure that this situation doesn't cause you more stress.As for the lead time for documents.  

As Is ensures you get it at a nicely discounted price.

Set up separate legal entities and manage them properly. 

You will not even know if whoever you hire will do the job correctly in the first place because you yourself do not know what is the correct and proper method of construction and you are not familiar with the materials available to accomplish the job. 

Sometimes, depending on the neighborhood, it's hard to make a 1-family to cashflow properly.

The servicer is required to have a system to identify a proper successor in interest.I am not a fan of the template letter above.