I sent you a PM or if appropriate, please let me know here in this public forum. 

Happens after you get under contract, make sure you're presenting the offer to the right person and that you're giving funds to an appropriate party. 

Either way is appropriate but I don't think you will see interest rates going back into the 4% range until the next major economic cycle.

At the end of the day, you both should discuss what you bring to the table, and discuss what is an appropriate share of income allocation should be done between the two of you.

I will search the bar as well, but figured I'd ask based on your experience with this; what's the most appropriate way/formal way to extend the current lease structure from previous owner/agency? 

Feel free to move it if there is a more-appropriate group for it.I'm in California, and I've been renting dad's house out to this family for over 5 years now; they are wonderful tenants... they have two daughters who are in high school, one is getting ready to enter college, so they are planning to stay there for many more years, as they love the house. 

They will cut back appropriately in attempt to meet their commitments  2) If they truly cannot make the rent (I personally would not evict such a tenant even if evictions were permitted), they are more likely to make good on the rent in the future because their credit score will take the hit (they have something to loose) and because their credit score shows they are responsible individuals.  

(Some exceptions or more appropriately accommodations for elderly, disabled, or other protected individuals are very much encouraged, this list is not meant to include these protected classes.)I hope this helps you on your journey through landlord-ship, it can be rewarding to you if you do it right.

If you are just using private money loans, a lien, deed of trust, mortgage with associated promissory note should suffice.I am not a lawyer, please consult one in your state to determine appropriate action for your local.

The Market tells you "where" to invest, How Money Works are the strategies you will use in that market, so it tells you "how" to invest, and the plan tells you "when" to execute the right strategies in the appropriate market, where the criteria from the Plan's timeline, dictates the "where" and "how".When this is accomplished, the paralysis will be gone.