I am closing on a multi next week and I want to exercise the insurance market on pricing for insurance.

The bank would rather see those notes turned back into performing assets than to foreclose on the property, even if you increase the value of the property. 

He is paid a salary, two raises since he started, exceptionial performer, without being tied to specific preformance criteria, mostly because I couldnt figure out the criteria.

So that is a very good catch.I thought it was more of an exercise in explaining the value of hard money and didn't even think of asking her about her experience.Bottom line though is that I started using hard money after my first deal.

I don't care about a "Comp" I want to evaluate the performance of the property.

The taxes and insurance (homeowner's policy) are in the buyer's name, paid for by me (additionally insured) as part of their monthly payments.If the property needs work, or upcoming repairs (new roof, windows, etc) I include these improvements within the contract with a penalty cost if not performed by agreed date.

Although, ironically, our 'bad neighborhood' purchase has performed well.

Include when the option will be exercised, usually prior to construction, and what terms must be met for the option to trigger the sale.

Depending on where exactly the property is will determine what type of tenant you will have which will dictate how it performs in the long run.  

So you can assign or resell (sublet with the lease and re-option with the option) either of them.Therefore, you have multiple ways to structure this depending on how long you want to be involved and how much associated risk you are willing to take.With the lease, you can assign it for a fee and be done or you can sublet it where you are still on the hook for the terms of the lease, but can receive the difference in rents for the entire term.With the option, you can sell (assign) the option and be done or you can option your option understanding that performance will require a double close.