I'd like to accommodate his request, but want to protect myself from getting stuck with him leaving in December or another time period that proves nearly impossible to find a new tenant.any advice/suggestions?

So by understanding how much cash flow you need will determine the types of deals you target to purchase.As a CPA I always suggest forming and buying property in an LLC as it gives you flexibility from a tax perspective and also has legal protection.

I've learned that you get what you pay for and many people are not properly protected when they set up their own LLC. 

Goal is mainly to protect myself and to keep accounting simple and centralized; also taxes organized, etc.Thank you-Chad Hurin

In the areas we invest in, I'd say we're just at the cusp of switching from landlord to tenant pays for the brokers fees - give it another 1-2 years and the areas will be solidly tenant pays.Moral of the story, understand the dynamics of your specific target neighborhood so you can evaluate appropriately.

In the recent survey done, it was estimated that many people who are expending on per month basis on the rentals want to switch it to mortgage so that in the process they will be acquiring the property.

Keep in mind that loan positions can switch places with a subordination agreement, so just because it was recorded first doesn't always mean it's a first, and just because it was recorded last doesn't mean it's most junior.

This is what your attorney should be focusing on ( IE the protection of your equity) and the structure.Not so much how much you get paid.

Why not instead have a conversation with your title company, and if required provide them with the documents that exist, to see what they will require.That will provide a definitive answer to protect your transfer interests.

although sub prime was very predatory so those folks have a beef to a certain extent but then again many who fell for sub prime needed better primary education at the end of the day so they could protect themselves..