@Kathleen Diaz Welcome.Most important to establish a few milestones to your goal and set a timeline!

You would normally cut a percentage with them before hand in negotiations or if they are big they usually already have a set percentage they'll split with you.

I have the conventional financing set up, but I don't hold enough in cash reserves to get the repairs done.

I will repeat a quote that I have heard, "A goal that isn't set with a deadline is called a dream." 

You could just get the contact all set-up and then assign the contract as well.  

They waived the appraisal contingency, so there is a good chance I'll have to fork over more cash out of pocket than I planned on the make up the difference between the price and what I get loaned.This is a hot area of town, and aside from these issues it is pretty much everything I was looking for in terms of size, location, and quality.

I choose the tenant based on credit and rental history without any set ratios as the quality of applications varies from one neighborhood to the next.

RecapSell current home - buy new home - 1614.20/month out of our pocket - Rent current home - buy new home - 867.87/month out of our pocket There is obviously things that I have not thought of, and of course nothing is ever set in stone from a renting standpoint, but it just seems to good to be true that I can keep my current home with a lower downpayment on new home and our out of pocket mortgage on the new home is SO MUCH CHEAPER.  

Can you recommend a lawyer or attorney who can help in setting this up in CA ?

I'm looking for a CPA that can help me get the business structure set up so that I have the correct entities carrying the correct assets for taxes and protections.