2 year rent-to-own, followed by owner financing sale

[Mathew A.]

I'm selling a house in need of a lot of renovations to a handyman who will do the repairs and live in the house. I never marketed this house for sale. He does work for me, and we just reached an agreement with the following terms:

2 year rent-to-own, then 10 year amortized loan

First 2 years: $600 per month with $225 going to equity ($5400 after 2 years)

After the two years, the sale will go in effect. Sale price: $50,000. $5400 of equity goes toward sale price leaving $44,600 to be financed by me at an 8% interest rate for 10 years (payment becomes $537.54 per month plus taxes and insurance). He will own the house free and clear after 12 years time.

How do I go about getting this done? Can I just use generic contracts I find online? Is it recommended I hire an attorney? If so, what would that cost? Will I need a loan servicer? I'd like to get the agreement set up as easily and cheaply as possible and be in accordance with the law.