It is a protected class in several states...

Seller should record their lien against the property, you both should have an attorney review to make sure all interests are property documented and protected, and i think everyone is in a good place. as far as evicting tenants... this is up to what you and the seller can negotiate. i would still be putting on the same contingencies - appraisal, inspection... know what you're buying. don't get blinded by the seller-finance piece. 

While you can start with a written agreement, a professional document will help protect both of you, particularly in terms of ownership, responsibilities, and profit-sharing.

My strategy incorporates asset protection measures like LLCs, specific trusts as well as professional property management to spread risk and ensure quality operations.As well as using tax codes to my benfiitSection 179, IRC Section 162, Cost Segregation and Bonus Depreciation and later 1031 them out for larger projects. 

For contracts, consult a real estate attorney and use standard assignment agreements to stay protected.

Protect from what?

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

We now are looking to create an LLC and setup the necessary legal documents to protect both parties and layout the terms of the agreement.

With the right tax strategy, you can maximize deductions and reduce liabilities, while having the right insurance and reserves in place will protect you from unexpected costs.By Implementing a quarterly financial review to assess performance and make adjustments to avoid cash shortfalls.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.