@J Scott wrote a great blog post outlining the various metrics used to analyze a property. 

So far the common denominator among the responses that I've received (posted in a few categories) is that having an outline of some sort to track what items needs to be fixed to bring the property up to standard is the first step.

You should read your lease, it probably has a provision outlining the month to month in some detail.

If your state has laws outlining what they consider brokering, simply announcing "I'm a principle" and throwing out a bunch of contracts doesn't equal a "get out of jail free" card.

Your contract is going to outline the day you will be showing up with the money and them with the title. 

Without a written agreement that clearly outlines that you can sublease, well, he could sue you for that as well. 

Maybe it would make sense to outline the risks, but also offer to help him mitigate those risks if he's really passionate about doing this.

We have experience in apartment investing and other real estate ventures that we would like to leverage to show our success.We have a general outline of what we want it to look like but are struggling to put together some of the finer details, pages, etc. 

My Mom likes the idea of making T-shirts for home buyers with Sleeping Beauty's Castle on the front with the title "Before Escrow Closes" and the Haunted Mansion on the back with "After Escrow Closes".She nixed the idea of "Slumlord" outlined in Rhinestones -- she said too many people wouldn't understand the irony (my house is really nice).

If you stop making payments or can't pay it off as agreed they're going to take the property and you will lose whatever you have invested.Again, though, you need to discuss it with your specific lender and get them to outline exactly how they work.