Jared, I like the broad outline.

make sure who ever your friend works with, he has to have all the scope of work, everything from A total list price as is, sqft, lot size, locaction,ARV, contact the owner to make sure and if he can get it under contract , you should have home take some professional pictures, outlining the work that will add value, so You can Noé compare it to the locals properties in the area, of yaws numbers are profitable for both parties. 

What benefit would I get for doing so, other than helping someone else to be a successful landlord in some place other than Detroit, or it's outlining areas in some instances. 

Your state landlord tenant regulations will outline the required procedures for serving and evicting.

Has anyone found a single go-to source that provides a nice outline of how to get started:Where to find/purchase listsWhere to find best mailer options - yellow letters, etc.What phone services to use - google voice, etc.Scripts for responses/screening callsScripts/process for initial homeowner interviewsStrategies to offer homeowner/seller options - cash buy vs. wholesale vs. subject to vs.

It has a lot of advantages to support the concept you are outlining where you have a parent and several child LLCs that serve the same asset protection concept w/o the hassle of all that comes w/a unique LLC. 

Here's a broad outline of how I put together an ARV.

That's also setting expectations, of course, so I'd suggest a paper letter as it's the most professional, with the next being an email.In that letter you'd want to outline what your expectations are for rent payments, your policy on maintenance requests (ie: burned out lightbulb is not an emergency request, etc), and if you use any particular systems for accepting rent (online services, software, mailing, money orders, whatever) explain that in detail too so you're not getting late payments due to confusion.

You sit down with them and outline your expectations and request that they provide regular updates.

All in all, from the rough outline of the deal, (no credit, paid off, etc), it looks like owner financing is probably how it could possibly happen--but up to the seller there and the numbers working out for you both.Best of luck.