Would appreciate recommendations from this group for attorneys / law firms that specialize in such matters as well as suggestions on what I should / could do if you have personal experience with such matters. 

That being said, I am getting inspections of all major systems to ensure quality as this will be a hold for me (I would do it anyway, my name is on it).

I was used to dealing with one person for property management.

With respect to the other market cycles this is what I would personally do to exploit the upcoming market cycle:Recession: Network and Educate!

Quote from @Dave Vidales-Sanjuan: This leaves you plenty of time to research and find a quality agent that works well with investors.Here's a good article with tips for finding a good agent: https://www.biggerpockets.com/blog/how-to-find-an-investor-f...

I'll PM you directly with my personal cell phone if you can text me when you have a moment.

What is your personal situation?  

If you were in Seattle you could not end this lease or month/month, no options at all, and you would be stuck with this person until they are carried out.

You could set up a “deferred down payment for 12 months” or have a stepped up down payment (so much per month until number is met) It's really whatever makes sense for the two of you.Things to consider, property taxes have to be paid, repairs have to be made, vacancies have to be accounted for, insurance has to be in the name of the person on title.

I personally have not invested in a property like this before.