Kind of as a way of giving back without running afoul of the law.

You can kind of extrapolate a cap rate based on this and it aint great. 3.5-6% would be my estimate based on how agreesively you model expenses.

I just got into a JV with an experienced contractor on a fix & flip and was wondering what kind of terms are common.

The seller's actually offering pretty good terms for that kind of asset. 

Please let us know exactly what kind of policy this is.

Thanks @Natalie Schanne , From the few comments it seems like I'm looking for a unicorn.To reiterate what you said, I have to find out professionals of my own (plumber, electrician, etc.) and have a property mgt. company, only to place tenants and collect money only.Assuming, placing a new tenant they charge separately and as for monthly fee they charge 10% of the rent, the cost seems kind of steep, don't you think ?

I learned about usury way back when... lender kind of schooled me when I was about 25.. and so I took my note to  that big law firm of Jacoby and Meyers.. 

It's kind of cool, and I appreciate the endless amount of content and learning to digest

In addition to what Ned said, I recommend walking the potential renter to their car and seeing what kind of condition it's in.

Thanks @Harjeet BhattiThat's the kind of expertise I was looking for.