The pet(s) and Tenant(s) will comply with all Rules, Laws and Regulations of the Owners’ Association (if any) and legal jurisdiction that the city of (insert city) requires; including licensing.

The regulations say "3 or more" in a rolling 12 month and you have to comply with *RESPA*, you can do "Up to 5" in a rolling 12 month period before you have to be licensed to originate due to *SAFE*, and if you cross define what a "creditor" is and what a "lender" is between Reg X and Reg Z there's argument that Dodd-Frank itself doesn't apply if you have done 5 or fewer in a rolling 12 month period, have less than 1 million in notes in that period, and have done no more than ONE high COST (not higher priced) loan.

Make sure you comply with the zoning laws for your location.2.  

Or should I have a basic purchase and sale agreement drafted by an attorney that I can use on my own, which complies with the laws in my state, with an out clause or two.  

A rental license is like GOLD you have to comply with city regulations and if your tenants were obnoxious and you had repeat nuisance / noise police calls and basically just ignored it, your now reaping the costs of loosing your license.

Financing:If buyer does not obtain the required financing but otherwise complies with the terms hereof the binder deposit less sales and loan processing costs incurred, will be returned to the Buyer.A. [] Application:The application for the mortgage described in paragraph 1D will be made with lender selected by [] Seller or [] Buyer.Unless such mortgage loan is approved without continued contingencies other than those elsewhere covered in this agreement within ______ days of the date of acceptance of this agreement, Seller and Buyer will have the right to terminate this agreement, and Buyer will return to Seller all the title evidence and surveys received from Seller.Buyer will make application for financing within ______ days of the date of acceptance of this agreement and in a timely manner furnish any and all credit, employment, financial and other information required by the lender.In the event the original loan application is denied, Buyer, if requested by Seller, will reapply within ______ days of such request at an alternate institution.B. [] Seller:The balance due to Seller will be evidenced by a negotiable promissory note of Borrower, secured by a valid purchase money _______ mortgage or Trust Deed on the Property and delivered by Buyer to Seller dated the date of closing bearing annual interest rate of_______ % and payable$_________ per__________ for [ ] ________ years [ ] _________ months.

Keep in mind, depending on a variety of facts, you may have to comply with the Patriot Act when wiring that money.  

How do I do this and still comply with the Dodd Frank Act?

That is not legal advice but an example of something that may be a legal way to comply with the law.

Serve a "comply or quit" notice at the same time if you want to use a stronger fist and are prepared for a vacancy.