I have an SFR on a 1year lease which was executed by an unmarried couple (both folks are on the lease and either could have carried the lease by them self).One party is moving out and the other person is willing to accept the assumption of the lease for the remainder of the term.Any ideas how best to execute the lease transition?

I really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alertsThere are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides

Will I just have to pay Self-Employment tax and Federal Income tax? 

Go to your county recorder's office and request the lists (they may also have self service computers to look up these files).

If they will, I'd make sure I'd get a policy for the value I believe the property will have after I do the repairs so I'm not self-insured.

note to self: always read @Steve K.s post before responding. what he said, :)

My interests related to real estate investing are househacking, buying rental properties, fix and flips, and the BRRRR method aswell as learning more everydayALL WE NEED IN THIS LIFE IS FAITH, BELIEF, and EACHOTHER“My self”, “I” , “Me”, “Us”, “We”, Use these words when you speak about yourself to yourself.

I am looking for landlords that self-manage their 100 doors or more residential rentals (SFH, duplex, triplex, quad, 10 units or less) to discover better ways to manage, automate, and better systematize the process.

Responsible tenants, with healthy self respect, won't want to become freeloaders.

You would have to self-manage?