First-time deal between my father and I; How do we set this up?

[Nicole Heasley Beitenman]

My dad flipped a house that I would like to buy. He is willing to sell it to me at cost. I've been putting away about $500 a month to save for a down payment on my first investment property. Because he owns it free and clear, I'd like to set up an agreement where I pay him a small down payment, find a tenant, rent it out, and use the rental income + my current $500/savings (less a percentage for repairs/maintenace) to pay it off. I'd have it paid off way quicker than I would if I were to get a mortgage. I don't have the terminology for what we're trying to do. Would this be considered a land contract? 

He and I have only briefly discussed this idea. We need to run the numbers and meet with an attorney and an accountant regarding the contract and taxes. But we already have a potential tenant lined up who would eventually like to buy the house after renting for 2 years so we avoid the capital gains tax. 

My brain feels so scattered that I know this post will be as well. I guess the first thing I need to know is how to structure this deal so that the title and income are put in my name now allowing the 2 year clock to start ticking. 

Is there anything I'm overlooking? Is there a better way to structure this arrangement that we may be overlooking? This is a first-time thing for both my father and me, and it's very exciting!

TIA!