This is the document that memorializes your agreement to assign the contract to another party in exchange for whatever fee you will charge.

He will face charges. 

You also may want to require in addition to down payment from the buyer 6 months to 1 year mortgage reserve payments in advance.Do not set your interest rate below market or you could get hit with imputed interest charges on taxes.No legal advice given.

Heres what I got: I purchased this property at $73,250 two months ago and put down over 30% and used a conventional mortgage amount of $50,000. 

Thanks @Natalie Schanne , From the few comments it seems like I'm looking for a unicorn.To reiterate what you said, I have to find out professionals of my own (plumber, electrician, etc.) and have a property mgt. company, only to place tenants and collect money only.Assuming, placing a new tenant they charge separately and as for monthly fee they charge 10% of the rent, the cost seems kind of steep, don't you think ?

Because I was charging 15% interest on my note she said it is usury and there is a penalty for that.

I can fund the project with a conventional loan of 30years with 20-25% down. 

Based off the P&L, the potential income when fully rented out is about $248k/year but the last couple years his income was around $230-235k including charging $75/month to each tenant for water and trash.

A couple of questions come to mind:4BR, 2BA Brick ranch property sits on more than 1/2 acre in growing city with strong economy and rapid home appreciation last 4 years, 1960s construction with original everything, lead paint included free of charge!

If you own any rental properties and have examples of how you charge a tenant please let me know below.