You would want a contract spelling out the terms of the deal so everyone is covered. 

My name is Richard Pennington I am in the Raleigh North Carolina area seeking any advice on using an FHA loan or conventional  loan for my first investment property. My best rule of thumb is to have 20k for every 100,...

My goal is to buy the house, terminate the section 8 lease as soon as possible (at the lease term, to avoid eviction process), and search myself for other better tenants.

All of my tenants are long term tenants and my property is managed by a property management company.

Should I discuss some bullet points and do a small contract between me and the buyer or is there a standard contract for such that we can agree up on terms prior to handing the deposit to the title company?

Many of them make big promises, then provide very little actionable advice.Second, what you are hearing about is referred to as "arbitrage" where you rent a property as a long-term rental for a set price, then you furnish it and try to rent it on AirBnB for a profit.

Hi community,I'm planning to house hack in Richmond or Fredericksburg/Spotsylvania and am considering renting by the room using short-term, mid-term, or long-term strategies.

If they are good, they should be absolutely definitive on rate, terms, costs, etc.

In this case, rates don't matter as much as lower closing costs, since it would be short-term.  

Most people just use the term but there is association management, apartment/ Multi-family management and then property management.For instance, in Florida, you need a license to practice Association Management (in most cases) and a real estate license to practice property management (in most cases).