It makes perfect sense to me but I mean from a legal, etc perspective.  

I just bought a brand new construction home with $303 cash flow after all expenses and debt service.

I have experience with contracts and will be writing a legal agreement between us (Overkill maybe but I want to get in the habit of doing things right early on) so any tips on what needs to be included?

I informed her that despite her knowledge it is actually indeed legal.

Just a list will be worth less than something you add value to.Check to make sure you have the legal rights to distribute the data in the product you bought. 

Definitely check out the legality of short term rentals where you are buying... that issue is my nightmare right now in FL - where the city only pursues short term rentals based on neighbor complaints.  

Contracts for deed are being looked at more closely by CFBP because of predatory practices, but they are by no means illegal.4) What people are calling Sub2 financing can be achieved by 3 primary methods:Quit Claim deed where the seller has no recourse in the event of default but remains on the hook for the underlying loan.All inclusive trust deed (or wrap) where title transfers and the seller carries the note and continues to service the underlying debt.  

If you deed your ownership to a trust - your mortgage or Deed of Trust might still be tied to the property, which makes it easy to ruin your privacy.I am not an attorney nor giving legal advice.  

I'm planning to liquidate about $1,000,000 of mid-west farmland (no debt; cap rate of 2.6%) and invest in multi-family.

Property is 60% debt financed60% of the income is initially looked at by the taxYou apply a $1000 base exemption, then 60% of all the normal deductions like note interest, depreciation, property taxes, etc.