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!

[Simon W.]

Seller finance is what you are looking for.

Transfer the title to your name with the agreed purchase price between you and your dad. Your dad will act as the bank.

Find an attorney to draft it up. 

You in turn will find a tenant and give the option to purchase after 2 years. Tenant pays you the purchase price, you pay the remaining principal to your dad. You keep the gain.