Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Will I simply be able to just sign my name, trustee, Mark S's revocable living trust and deposit to my personal account? 

@Jaron Walling  The title of your post vs your post don't match. 

As long as your credit is good (I think around 650), you can borrow money from P2P sites.4. secured Personal line of credit - if your credit is NOT so good, and you have some assets like Certificates of Deposit or stocks, talk to your banker about opening a SECURED personal line of credit.

It can just be a one pager stating the important facts "purchase price, deposit, close date, conditions, parties etc.." then where you get serious have a lawyer draft out an agreement.. 

We had multiple offers on this property and accepted a full-price offer with a high earnest money deposit.

You could always try renting for a couple years and see if the cashflow matches your calculations.  

To your main point, no you won't get any money from them for attorneys fees or damages, beyond their deposit. 

The seller got back to me a few days later to tell me that if I could match the highest offer he received (55K) he would rather sell the property to me.

@Jordan PrattAnother idea is if you have the cash in hand, maybe could combine the strategies.Buy a mobile home cash.Improve the property at whatever pace you desire.Bring in roommates and pay yourself back over time.Either keep the property if it’s cash flowing or If you want to sell, do seller financing when you are ready to move on to the next property.There are a million options in real estate and you can mix and match to make something fit your goals and situation.