I would suggest you search out "rent-to-own" or "lease-option" as a topic, or you can PM me and I would be glad to spell it all out for you, along with telling you how we do ours.

However, we still have written agreements created by my CPA that spells out the partnership.Lastly, with regards to “passing things down” to my kids, I don’t really want to “pass down” anything material to my kids.

@M Saly Arlint Cort His name is a spell check nightmare

In the initial agreement I didn’t spell them out specifically.I appreciate the responses.

Really dig down and spell out a day in the life.

The details would of course be spelled out in an operating agreement. 

Alternatively verify their credentials, check references, discuss the goals to ensure alignment, and then hire RE attorney to spell out the duties and responsibilities of each party entering into a contract.

If you enter into a purchase contract with no intention - and no ability - to fulfil the agreement, but simply wish to tie-up the property while you hunt for a buyer to whom you can assign the contract - this would have to be spelled out in the contract and clear to the vendor - otherwise you are not dealing in good faith.    

Referring to people as "losers" - typical internet trash that should be called outLate fees - legit question (we all need to understand standard fee structures)Pest control - legit question (most pest control is the resident's responsibility and it's spelled out in the lease)Pets - hard to say without the full post but if the context is correct, this post should be called outI don't have a problem with accountability (including the author for selecting a few posts out of millions).

An ironclad agreement spelling out all possible what-ifs is absolutely essential.