Okay, I was mentioned and I'll drill down a little deeper.What Brian has outlined are arrangements that could be made they are not really types of options, but he has elected to give names to various ideas.

It would help if any one could email me a sample or outline to help me with any ideas.

The mortgage is not commercial.You need to have an addendum to your LLC operating agreement that outlines that members must do this when purchasing rental properties.Thx,Kevin

I wrote a letter outlining who our company was and what we wanted to do with the property.

It is about outlining the duties of each partner.

@Christian Sifuentes half of a months rent is the standard here in Connecticut in the situation you outlined. 

Could I use a free out line that I found online?

I agree on getting an addendum in place that would outline the rules and expectations. 

If everything above is outlined correctly then i think this wouldn't be a bad deal. 

This document will outline the lease's specific terms and confirm that neither party is in default.Not many Landlords accept checks, and most have some form of electronic payment setup.