Make sure your buy with appraisal and with a third party for advice.

Prepare a termination agreement that both parties agree to terminate it early without any penalties.

If you are buying on "contract" the City of Des Moines requires a third-party inspection from an approved vendor (seriously) and are potentially moving towards having city inspectors conduct the inspection (speculation).  

I'm the party doing the owner financing.

Either invest elsewhere where properties are much less expensive or partner with someone and do a 50/50 deal where each party owns half of the property.

I guess the control part is more of a "if needed" placement.

Should a bid be received by a third party in excess of this amount, the third party would win the bid and get a trustee deed evidencing ownership after paying the trustee with certified funds.

For example, if you are non licensed and receive compensation for referring a property to a buyer, but do not wholesale it and receive compensation inside or outside of the closing as a party with no real interest or contract on the property, what type of agreement do you use? 

Account ClosedBigger pockets provides great resources in their "tools" section, I think there is a document titled "Promissory note"You can also talk to any lawyer or a simple google search would do.More than the note, however, it is important that the two parties (lender and borrower) trust each other and live up to their commitments.  

Again, we do not use Attorney's, as the Escrow is our neutral third party in the transaction.3.