House swap! Creative financing!!

[Ismael Ayala Jr.]

Other homeowner wants to move into larger home, which I have. And I want to rent out their home to produce cash flow with low interest rate, which they have. 

They have a ton of equity >$100K, <3%, but older home in need of roof, A/C, and water heater in next 5-10 years. I only have about 20K equity, but my home is only 1 years old, with 5.5%. I want to take over their payments, and I'll let them take over mine. My home is worth about 15K more than theirs. I don't have a lot of capital to give. But I'm thinking about other ways to keep my offer competitive. They're both conventional loans; similar loan term lengths.

1) Any ideas on how I would structure this? I can offer maybe 5K upfront for incentive, not much I know. But the seller would save costs from lack of realtor fees. Should I offer additional $100/month from rent for certain amount of years?

2) Any advice on good title companies that can help us navigate this unique, creative deal for a house swap?

3) About how much would closing costs be for 2 homes on a creative finance deal? If I could cover closing costs that would also be a good incentive. But I can't if closing costs are 3-5% for purchase price of each home. 

4) How do I protect myself and give the seller assurance from renters with the structuring of the home insurance? Should I ask the seller himself to change it to renters insurance to avoid the due on sale close? It'll cut cash flow not by much, maybe $75-$100. Cash flow is around $550 to start, it'll drop to $450 I think. If I give sellers $100 from rent proceeds, it'll drop to $350 monthly.

5) Do I need just a promissory note for both of us to sign and deed transfer document? 

6) Any advice on how I can be creative, without giving up anymore cash flow? Anything else, Im missing?