Did the receiving party do nothing more than introduce the buyer and seller? 

If the wife is to be removed from the lease, a date should be set off when she would vacate since all parties living on the premises should be on the lease.   

This is a great place to connect with other parties.

I guess if damage is done I have security deposit and legal recourse as well.

That link is for an article I just published here on BP that spells out the details of how you can meet this requirement easily and cheaply.As always, make sure you have a competent real estate attorney on your side if you choose to follow through with forming any kind of legal entity or agreement (like a JV Agreement or Limited Partnership).

Would a contract between parties be needed you think?

The attorney offered to send a letter to one or both parties for $500.

It's easier to systematize investor relations with commercial real estate where much of the communication is a similar message to hundreds or thousands of investors...than it is for a 3rd party PM to communicate disparate information with the same number of individual investors. 

Trusts are not official legal entities in the sense that it can make decisions like a person.

If anything I would live in one room and rent out the other two individually at around $500.Property Type : Single Family 3 bed 2 Bath.Property Price: $200,000Down Payment of 5% at $10,000Loan of $190,000 at 5% interest rate                         ExpensesTaxes $150ExpensesInsurance $ 115Electric $ 100Water $ 70Gas $ 50HOA $ 0Lawn $ 25Vacancy $ 100Repairs $ 50Capx $ 100Mortgage $ 1284.96Total Monthly Expenses $2,044.96                "Cash Flow" (Didn't know what to title this section)Out of pocket $744.96Tenants Rent : $1300       Cash on Cash Return (This is the main part I need help with)Down Payment $10,000Closing Cost $3,000Rehab Budget $7,000Total Investment : $20,000