In Texas, the starting point is simple: you step into the shoes of the prior landlord, not into side conversations.If the written lease expired and converted to month-to-month under its own terms, that lease controls unless it was formally modified in a way that satisfies Texas contract law.

I wouldn't recommend this for a newbie, just go findWEst a distressed house in an up-and-coming neighborhood, buy it/fix it up/sell it... also keep in mind only about 1 in 20 to 30 posted foreclosures actually go to sale.. they get bought pre foreclsosure as@Kerry Noble Jr mentioned or the note gets modified  or owner files a BK day before auction. the opening bid many times is not known until a day or two before the sale it could go up substantially and folks wonder why.. well if there is PMI the bank is going to get paid out regardless..

I have a long time client in B ham  you probably know him.. but for a time he has done it all turnkey modified turn key and owner operator. 

I'm considering a property that is already modified for this platform, but not sure what I think about the idea.

At the same time, seasoned investors identify the exit plan early, whether that’s holding for cash flow, modifying the loan, refinancing the borrower, or ultimately taking the property back.

I created a seller financed note  on a mobile home that was supposed to yield 9.5% for 3 years, the tenant buyer  year three started missing  payments, was late two months, we modified the loan, added late fees, extended the loan two more years.

Is it best practice to start with a simple template and modify it as needed for each project?

I will not trust the tenant to manage the risks prudently and will instead utilize a modified gross lease where I will retain control over physical work orders, snow removal and items that I view as greater liability occurrence related activities. 

PadSplit's have been difficult to finance because they are considered modified collateral.

Actual opening of the first fab has recently been pushed back to late 2030, however infrastructure (highways, wastewater lines, and clearing of the land) is being heavily modified to accomodate both the plants and anticipated population growth.