Hello - I modified a boilerplate Purchase Agreement for FSBO, owner-finance, sale contingent on current tenant moving out.

You could still do a modified or slower approach to BRRRR by looking for value add multi's that need economic and/or physical upgrade that you can do as tenants turn over and improve the quality and value of the property over a year or two but still with ongoing rent/cash flow. 

My agreements specifically state that the clients (tenants) are not to modify the property without written consent. 

Now you need to modify your assumptions further.

At the end of the 5 years we can either modify and avoid closing cost all together or refinance back into a 30 year fixed.  

Chances are they already have one written that you could use, or at least modify with minimal extra cost.

If you feel so inclined, what would be awesome is if you could share what you currently use that I could modify.  

I realize I can modify our operating agreement to reflect this transaction and his obligation, but it doesn't' sit the same way with me as if he were signing on the dotted line at closing.Please share your thoughts and if I am overthinking this,but if something were to go south or future disagreements I feel like I would be left holding the bag in this scenario.

Since I downloaded the contract from a specific company website, I wonder if the contact was modified to benefit them.

The 1st thing I did was get a lawyer to create a lease that incorporated all of my policies (which he modified so they would be legal and enforceable) and set up a LLC and an umbrella policy to protect our assets.