I am not a lawyer....lol

If you feel ther ewill be push back have yur lawyer send th enotification. 

Don't worry, I completely understand that any advice given on here is simply that, advice and not something that should be taken word for word, and yes we will be getting a hold of a lawyer and CPA to help us with all of this.

If you do this be sure to go to a real estate lawyer to add your name to the deed.

Also, is it necessary that I get a lawyer during this period to ensure the contract is good or would I be fine just thoroughly going through it myself??

I started out with forms that I downloaded from bigger pockets by Michele and Bruce Fischer --podcast 79 (low-income housing), the templates that came with Buildium (our property managment software), and a lease written by a local lawyer that does the most evictions in our county.

I am not a lawyer but your obligations appear to end at the lot line.

I would highly recommend someone (realtor, lawyer, title company) who thoroughly understands the buying process to help you through it. 

You can be an appraiser, a marketing company, lawyer.

If they are willing to pay back rent at all you are lucky, getting them to sign some sort of promissory note would probably be your best bet, but talk to a lawyer.