But the unit I am leasing now appears to be in high demand and I have choice.

This is a very different model from what appears to be the norm of adding lots of units quickly/rehab/cash out refi, etc. so any comments on why my strategy would be a bad long term strategy would of course be much appreciated.  

So, are all the addendum's necessary in what appears to be such a great area -- or am I worrying too much?

Since they appear to be taking care of the property, curtains in the windows etc, is it possible the family in the property are the victim of some kind of scam?

But, you will still need to search the official records for encumbrances appearing after the time of warranty deed issuance.   

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I was presented with what appears to be a great deal for me, but I have never worked a deal like this one and could use some help.

The seller is obligated by contractual law to obide by contract, but s/he still retains legal title.The economics of this property appear to be fine.

@J Scott seems to have lot of integrity and appears to understand the problems with  the "Gurus/Mentors/Coaches" programs marketed to the newbies and those wanting to enter into REI.

By "not a requirement" I mean it doesn't appear in the IRS code or Tax Court cases as far as I'm aware.The people saying landlords must issue a 1099 are likely dealing with a conservative CPA.