My issue is that if he backed out because an agent, knowing there was a contract in place, convinced to basically breach his agreement, therefore placing him in the threat of legal action.

If I read that as the seller, I'm going to counter higher and betting on your sentiment, I will get the price I'm after.Your state should have a basic residential purchase contract available online.

Passively studying, learning, networking.... and ashamed to say... basically procrastinating getting my first deal done. 

Hello,Myself and two of my other friends are looking at buying a multi unit property/building. not one of us has ever had any experience doing so, but we all have some capital to put forth. basically we want to learn the ins and outs and the business together on 1 property, and then maybe expand for ourselves once we've learned the ropes.How should we go about getting started, and or what should we be looking for?

@Faun Kime I think your basic thinking is sound.

Now I'm living in his house and my house is basically unlivable due to the kitchen and baths being completely tore apart.I've been living in his house (only paying utilities) for the past four months while trying desperately to complete a bathroom so I can move back in and out of his house.

I've followed some of the basic principles that Bigger Pockets outlines, and they were fruitful for me on my first project.

I definitely don't offer one outright though.The non-exclusive version of the option agreement basically just exists so that the seller doesn't feel "tied down" with me being the only one who is allowed to buy the property from them for the next 6 months.

It will be 20% - 30%, depending upon the lender and your overall qualifications.I have more basic questions...If this is non-owner occupied, I assume it is intended as some kind of investment property, likely a buy & hold.  

Kristine Marie Poe  and I was thinking since this post was basically some one new to the business.