Your description has several holes in it that makes it easier to make a decision. 

@Jeremiah Leonard Your description of this investor reminds me of a local Orange County investor and his partner who ran a popular real estate investment club.

@Andrew Caldieraro I'm assuming that since you are in the multifamily forum that you are referring to multifamily 5+ units since that is part of the description of this forum. 

@James Mc Ree's description above is similar in nature to this model. 

Just give your agent a call, and let him know that you just realized it and wanted to change the policy description.

As for the legal description, what do you recommend using?

When you make the initial call, explain that you have a job, and give them a short description.

Loc, by your description, this sounds like it is approaching a perpetuity - a constant, never ending stream of payments.The textbook definition of the "value" of a perpetuity is the cash flow, here $400 per month, divided by the appropriate discount factor.It is that discount factor that is tough to determine.You have 3 risks that I can identify.First, the ex may decide that the "meth life" or any other assorted lifestyles is better than paying this money forever.

2 comps (one of which is not a true comp from your description) is not enough to evaluate the exit value. and finally #3.

I like elance, and find that people on odesk can be a bit cheaper and have found some excellent designers there.Another thing I like to do is mention inside the bid description one thing that I'd like them to do once they bid.So, for example, I might give them the job description, and then tell them to answer a question, and then close off.This immediately narrows it down to 30% of people, because the majority shockingly don't read the entire post, and I know not to waste my time with them.Some will provide you with a sample, or give you ideas before you award the bid to them (though you cant directly ask on elance).Of course, their feedback helps a lot too. :)