I tell tenants that the lease protects them from sudden rent increases for the next year and it protects me because I can project them being there for at least 1 year.

You certainly want to ensure that both properties are adequately protected from physical damage (fire, lightning, water, wind, hail, theft, vandalism, etc.). 

@Scott M.liability protection 250,000 Each occurrence

What is the best way to protect myself against a mechanics lein?

But you generally don't want to use legal docs from other parties without having an attorney review for your protection.

It's fair as it protects buyers without slamming seller. 

Based on the other replies the math probably won't work for a small investor, so I'll probably wait for the next downturn to get some cheap 2nds when there's too much debt for the bigger players to gobble up themselves.

We have a 12 page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

Figure out a way of telling him how you’ll protect his pockets by him selling it directly to you with terms.

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