I'm pretty much against having felons in my rentals also I lost a brother to a DUI driver; however, in this case unless he has had multiple DUI charges then I'd probably take him as long as he passed all other parts of your screening. 

Please don't try writing your own, then need to cover death, divorce, disagreements, tax treatment, governance, lead comp, and many other things an experienced lawyer would know to cover.For financing, my opinion is worthless.    

Look, the fictional Tim & Jennifer have enough money to hire a great accountant or lawyer. if they are going to be so cheap as to get advice here on BP instead of hiring professionals, then they will get a big audit!

Use your own people, to due title, your own lawyer to due contracts, and your appraisal. 

But, I am crying all the way to the bank because my lawyer just emailed me that I won my six years in court and I get all my properties back from a criminal who invaded them with a gun and has threatened my life and kept my friends from managing my rentals.

I have access to a lawyer for free to answer contract questions 7 days a week.You have to determine what your time is worth like anything else.

So KISS:- Use an LLC in the state you have a rental- don't do "holding entities" unless there is a very specific reason you want to do with a "holding entity"- Create a new LLC for new batch of rental only in relation to your personal risk tolerance - use an S-corp for active business and you will pay a salary (rentals are considered passive not active)Now in the future when you become a multiconglomerate business, then hire a team of lawyers and accountants to restructure everything for you.

My lawyer will most likely be charging that just to configure things, and she doesn't come with potential investors. 

Additionally, I starting a forum discussion called LLC Set-up:  Lawyer or do it yourself.  

It is acceptable to all of our lawyers as it has a certificate at the end.