First things first I am not a lawyer and I cannot give you legal advice but it sounds to me like your describing a buyer broker agreement which is standard practice up where I'm at.

The expenses of running an apartment property include vacancy loss, maintenance, repairs, management, accounting, legal, evictions, depreciation, landscaping, make ready, utilities in common areas, extermination, insurance, property taxes, building code violation fines, permits, usage fees, security, management, leasing fees, etc.  

Also you should be able to contact a local closing attorney for a copy of a contract you can use.Good luck

He might give better terms than what you were thinking of offering.If you do decide to form some kind of partnership have an attorney draft the legal documents.

Also, you can't evict your tenant now - you need just cause so unless the association wants to get involved in a legal matter.

I do have contracts for lease option as well as seller finance, but they are for California. 

I'm perilously close to getting my first lot listing under contract this week...

So you can either do a double close or assign your contract. 

Current property deed has two names (X and Y), however the mortgage note has only one name (X).And as per the title search report, Chain of Title1:When the property was purchased the deed has both X and Y names as joint tenants with the Right of Survivorship.Chain of Title2:Later a quit calm deed was made with Grantor( prior owner)  Y and Grantee (deed owner ) XChain of Title3:Again a bargain and sale deed was made the other way from above Grantor( prior owner) X and Grantee (deed owner ) YCurrent Title (vesting information):And one more time a Deed was made with both names (X and Y) on the deed as joint tenants with the Right of Survivorship.Now, as X is the only mortgage holder from the time of purchase, and bank is foreclosing the mortgage on X, will Y have any legal ownership to the property, if the property gets sold at sheriff sale.

In NVsell on lease w option, no title exchange, landlord tenant relationshipsell on seller financing1. free and clear house, note plus mortgage or note plus DOT, title transfers, if default need to foreclose2. existing first mortgage, sell on a wrap or installment sales contract, due on sale issue, title transfers, if default need to forecloseHope that helps