The whole idea is to recruit qualified contractors who have earned a good reputation, who take pride in their work and want to work for you again, because you pay on time and don't ask for any extras that were not negotiated in the origianl price.

Use him as the lender to earn 12% on his money.

@Jason ShafferGetting an option to purchase, recording the option, then charging an "option release fee" is a good way to earn income, it may pay to be licensed in some states, but act as a principal in the transaction.

My wife is conservative with money and I earn a great salary so starting my own business would be a lot to walk away from.

I am 2 years shy of earning my Psychology Doctorate (PsyD).

No we screen our own.Here is our process.A search of court records to see what civil and criminal litigation the tenant may have been involved in and whether the tenant has disclosed thisAre you who you say you are.Do you and have you lived where you say you have lived.Do you have landlord references.Do you and have you worked where you say you have worked.Do you earn what you say you earn.Can we see your recent bank statements (reasonable redactions ok).Can we visit you in your current residence. 

It's hard enough to earn nice returns on SFRs being hand-on. 

Where the mortgage broker earns their pay is by eliminating the hassle of going to a couple dozen lenders, getting half way into the process, only to find out they can't help you.

I've read that having him owner finance is an option to spread out the tax liability while earning interest income.He would only pay capital gains on the principle recieved and regular income tax on the interest income.Has he said why he is selling the property?

Earnings of some companies are up on lower revenues, meaning that strong earning could evaporate in a few months.