Both people lived up to the terms of the contract (the lease) and it is done.

To gain investor confidence, ensure the investment property numbers are real, use the most common contract forms in your state (versus a 2 or 3-page) internet/guru contract form) with appropriate addenda, or an attorney-drafted form and attorney-drafted assignment agreement.

I paid a flat fee of $400 to get a sales contract drawn up. 

A contract with financing should work just as well to get more time.

If not, then you really need a strong legal structure stating how these properties will be governed going forward, including management, tenant selection, capital expenses, etc.

You know how to manage a property.To get started, your first steps should be getting licensed then meeting with a local RE attorney so they can help you get set up with your contracts, management and lease agreements, etc.

I'd have them sign my own lease on renewal and I'd make sure I had enough information on them so I can go after them if a legal issue arises such as employer and other similar data. 

I'm under contract for a nice double and was hoping to use part of the money for my portion of the down payment.

The Bay Area can feel intimidating when you see those price tags, but with your husband’s contracting skills, you’ve got a real advanatage.

Their business model is interesting and has a couple different exits strategies when getting a property under contract.