For example, some term that somehow increases/guarantees my return? 

At least I think they will.Again this is my first consideration of a property so any input is appreciated. 

It appears to cash flow and could be improved on to increase cash flow.

You may feel you are the smartest kid on the block and that may even be true however, you cannot increase another person's risk and shed responsibility to another without their full awareness and acceptance and there are just too many holes in your permise which is why it is illegal. 

I bought a property last October in a small town in Northern MI. The property itself has 3 units on it. The owner/landlord that I bought the property from was renting them out way below market value with no security  ...

Selling with a tennat in place will limit your market considerably and generally investors will pay less than home owners.

You also have to take into consideration these expenses:  Monthly management fee, utilities, insurance, repair reserves, taxes, HOA fees, once a year deep cleaning fees etc.

Of course, that will increase headache and responsibilities. 

Legally, I can only increase rents by 1.8% under new ownership unless there is a capital expenditure or significant increase in property taxes that justify it. 

If I can justify a rent increase, I will increase the rent and offer another one-year lease at the increased rent amount.