There are signs of neglect all over the property, and the 35k price tag is a best case scenario if we don't find more..I can get a newly flipped property across town with similar taxes and insurance that would rent around 550/mo and they are asking 42k.

Tax - 2.6k (6%)Landlord Gas Water Heating - 1.3k (2.9%)Landlord Gas+Oil Heating - 2.8k (6.5%)Landlord Other Utilities - 5.5k (12.6%)Insurance - 1.1k (2.6%)NOI - 11.8kLending costs - 8.6kAs is, cash on cash would be 5.5%Is (eventually) getting 10% cash-on-cash realistic here?  

In your opinion/experience, is it best to have a professional like this draft up your template documents?

I personally want to see $300/m above my mortgage, taxes and insurance for a 15 year note and $400/m above a 30 year note 

I graduated college 4 months ago and I started health insurance sales 1 month ago.

My current mortgage balance is a little over $66,000  and my mortgage payment is $663 a month(includes taxes,insurance).

Here is the text that maters in your situation DEFINITIONS OF WORKING RELATIONSHIPSFor purposes of this document, seller also means “landlord” (which includes sublandlord) and buyer also means “tenant” (which includes subtenant).Seller’s Agent: A seller’s agent (or listing agent) works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty and fidelity.

The expenses of running an apartment property include vacancy loss, maintenance, repairs, management, accounting, legal, evictions, depreciation, landscaping, make ready, utilities in common areas, extermination, insurance, property taxes, building code violation fines, permits, usage fees, security, management, leasing fees, etc.  

I think you're smart to document everything, fulfill your side of the arrangement, and get her out of there as soon as you can. 

He might give better terms than what you were thinking of offering.If you do decide to form some kind of partnership have an attorney draft the legal documents.