You can print those as templates, show to your local closing attorney and ask what if any suggestions they would make to better protect you and stay compliant with your local laws. 

Location in Cincinnati: Since you're relatively new to Cincinnati, it might be helpful to consult with a local real estate agent who has a deep understanding of the area.

Go to BUILD YOUR TEAM at the top of your screen and you can search for other MEMBERS or LOCAL MEETUPS.

Hi everyoneWe're out of state investors and handed over a rental property to a local Property Manager. 

Would greatly appreciate any Realtor recommendations that you've worked with in purchasing an AirBNB who would know more about local ordinances/best areas to buy as well.Thanks for the help!

Are there any local or semi-local banks that offer loans to those with no experience?

If the option to purchase isn’t exercised, he can sublet the deal again to another tenant/buyer, possibly with increased rent and purchase price, depending upon the local real estate market. 

Since I'm out-of-state I have a local property manager who handles all bookings and keeps me informed on maintenance needs.

I'm a local real estate broker and property manager.  

It's my understanding that you need someone that is local to be a majority owner (for many of the Asian countries).