If you decide to go forward, get a seasoned partner, but right after I say this, I am reminded that no seasoned partner will be OK with no equity going in and the projected cashflow will not attract anyone with any experience.  

I am thinking of something that details when they should be calling for repairs, whats considered an emergency, emergency contact info, things they should be doing themselves (furnace filters, shoveling, gutters attached, etc), when rent is due, etc.I have them sign a rules form at the same time as the application, however, i feel having something that is there in a binder as a reminder cant hurt.  

Make sure to remind your lender about the FHA Self-sufficiency rules and guidelines IF you are going FHA route.

and remind the seller that the loan is amortized, so they get their money up front.Someone correct me, but I am pretty sure you can refi out of a land contract as most LCs are set up with a balloon payment anyways, if the contract is written as such.

@Jay Hinrichs great reminder.

Thanks for the shout out and the reminder of my Prius trip 😂 - congrats on your success so far, and for where you’re headed! 

Thank you for the encouragement and for the reminder that it's more important to get a good deal than to wait around forever for a perfect deal!

Still have alot to learn though, so thank you for reminding me.

Then there are the suburbs that draw families with placid neighborhoods and high-achieving public schools.But the state capital is teetering on the brink of bankruptcy, and the turbulence rocking Hartford has served as a stark reminder of the gulf between the affluent enclaves that drive Connecticut’s wealth and its larger cities that have long grappled with high crime, underperforming schools and unsure financial footing.The problems in Hartford are similar to some other cities across the United States that have sought relief through bankruptcy: its tax base and population have shrunk and its pension obligations and debts have piled up.

I remind the tenant that a final bill will be coming and we discuss how they will pay it.