Go as high as you can go legally. 4.

i just sold a property on a contract for deed.

Hey Deirdre,To address your questions:Providing freedom by handling day-to-day operations.Offering peace of mind through proactive maintenance and tenant communication.Reducing risks by staying ahead of legal requirements, tenant screening, and dispute resolution.Enhancing the bottom line by identifying cost-saving opportunities while ensuring tenant satisfaction to reduce turnover.Is the experience still important when the property thrives financially?

You can buy my book, the book from Brandon in the BP bookstore, or Every Landlord's Legal Guide by NOLO. 

One common approach is to form a legal entity, such as an LLC, where both of you are equal partners.

Property Bank StatementsTitle, Appraisal, Environmental, Survey Reports – If availablePurchase Contract

Just be sure to be prepared to get legal advice if you run into grey areas that you are not well versed in to avoid legal implications.

Open ended contracts, particularly verbal ones, usually end badly.

Not sure if that is still legal or even translates in today's world of everything online but seemed like a good screening tool to me at the time. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.