Is there any legal notice i should provide to the tenant as per the laws? 

The real prohibitive costs come from the legal, compliance, and reporting requirements of registering a security.

SO why all the legalize right, well because like any good law there is a series of if's, but's and when's. 

- Also, what is their networth, so they are legally collectible for the guarantees?

After that either party can end the lease for any reason.

I am not a CPA and am not providing legal advice.

FYI - not legal advice.If it's not a formal assumption and it's a straight sub-to, typically the seller remain personally liable for the debt if the investor defaults.Essentially, what can the investor do better than the seller after refinancing the property? 

Divorce - its easier if the house is in the divorce decree otherwise you need to play mediator between parties to come to an agreement. 

The best part is that the Harvard lawyers that own it actually answer questions.

What you can require legally changes depending on your location. - If you make the above clear in the listing, you will immediately get fewer applicants.