Simple green space and seasonal food vending in the heart of town would seem to be a fine plan, entirely within the zoning ordinances as they currently exist (although a restroom facility may be necessary for long term).  

You'll find that a 15-20% cash on cash return (after paying $ costs) is going to be a deal that brings in very solid profit and is lendable by private $ standards.....and that is most likely going to fall in the 75-80% rule, rather than 70%.

Everything seems pretty standard but seeing that this was written back in 1983 when rates were pretty high Im wondering how this method applies to today's market. 

The standard Realtor contracts by default are not assignable (so be careful if you are buying off the mls).As Investors, Our attorney inserted language in our contracts to allow them to be assigned and we've only had one seller refuse to sign it under that condition.But as Hasan stated, you are best to hire an attorney as this shouldn't be considered legal advice. 

@Timothy Daniels Timothy I noticed you said you are already in the vacation rental game; we currently own 7 standard buy and hold properties and we are eager to buy a condo in two different VR markets that we travel to regularly . 

If it is vagrant or owner occupied, standard evictions should work.If the prior owner plans to redeem, I may still go after the property just to get that 25%-50% interest on my money.

After I remove the appraisal and home inspection contingencies (assuming the house appraised for the value I'm paying and the home inspection didn't reveal any surprises), I have the title company order the title report (I would have already pulled a title profile on the property as part of my due diligence).In CA we use a standard California Purchase Agreement and Joint Escrow Instructions provided by the California Association of REALTORS(R), Inc. 

Whatever you do, make sure you apply equal standards across the board and keep your emotions in check.

In fact, quite often we will offer a higher percentage to selling agents than is standard.

The Realtor could have ran the comps, that's standard to come up with a price - you know that as an ex-Realtor if you worked with clients.