Just a simple statement such as "I hereby forever release my redemption rights to the following property:  (with legal description and street address and tax parcel ID number) and then they sign and have their signature notarized. 

Give something first - my example is simple - Can I cold call for you, I need to practice in this area anyways?

Simple... if you are moving more than 1-2 hours drive away from the property HIRE A PM!

Basically looking for a pretty simple template that specifies the renter details, duration, and acknowledges they will follow the rules for my condo association.

Simple, convenient, and cost-efficient!

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

So In SIMPLE terms; you are stating that REGARDLESS of whether the FULL $60K in funds paid to the Seller for the OPTION to buy the home at $300K is APPLIED towards that $300K "Strike Price" reducing the remaining amount due to them to $240K OR if only $30K of the $60K in funds paid to the Seller is APPLIED reducing the the remaining amount due to them to $270K - the Tax Treatment for THEM (the seller) is the SAME on the $60K paid for the OPTION ?

I would want a concession on the sale price or a seller credit for this so that I can try to end up a little ahead for the hassle and also to keep the deal simple.

The remaining depreciable basis will be captured over future years.

Keep it simple and buy in a an entity in the state where the real estate is located or where you live.hate to seeing posts like yours where investors have already spent unecessary