@James Heacock Here are the key things to look for in a turn key company and what to avoid.If you're going to go the turn key route, in general, the ones to avoid are the ones that: Don't allow financing or a finance contingency (it can be a good indication they are selling above market value)Don't allow for your own independent property inspectionAre not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors)Require you to pay for any renovation upfrontSell only in cheap. low end neighborhoodsDon't accurately represent the neighborhood/property classificationDon't have consistent rehab standards for all propertiesDon't provide a scope of work for the propertyCan't provide references of repeat investorsRequire you to close before a tenant is in place

@Bonnie Donahue I think a basic LLC is as much of a "standard" as any for most situations.

Pay attention to these and other indicators that give an insight into who the person is in addition to your minimum standards they must meet but flat out discriminating cause someone has kids will cause you to lose a whole lot more in the end... not worth it

So far I am just using a standard Purchase and Sale Agreement w assignment option. 

You'll want to see Zillow's disclaimer on its Zestimate; it's about 12 standard deviations from reality...so it's a good quick guess, just not too accurate.  

And, the money seller receives is almost never tax deductible in this case. 

Do these terms seem standard to you guys who either are moneylenders of have done this type of partnerships before?

Also, don't forget, on a buy and hold I am also getting a return on the principle pay-down (which my tenant is paying), and will be able to claim a tax deduction for the net operating loss from the depreciation.

If so is there a standard fee?

I would call a number of banks and credit unions around the property and see if there are any better loan terms but this is standard.