There are other web sites to find justifications to do the wrong things in RE, not so much here.Now, a Land Contract doesn't have rent credits, principal amounts are reduced in a note and they are a financing arrangement

(For the relationship to be profitable/long term) In order to earn that right you have to be able to close what he brings you. 

Hard money lenders have earned a bad reputation in the area of lending for no good reason.

In 1980, he moved to Houston, TX and became a member of the Carpenter Local 203 earning his Journeymen’s card.

It's a business, not a charity.If you think $40 is an 'income earner' then it's a hard income to earn.

You are in California,I would have a property manager advertise the property as a Lease PurchaseFind the largest PM coAsk what fair rent is, and advertise lower than that, I use that as a teaser or base rent or discounted rentFor ex) say market rent is $2000, advertise for $1875in lease it is $1875 IF the rent is paid on or before the 1st, they will earn a discount of $125.Then see a RMLO I use www.SellerFinanceConsultants.comThey approve the credit and income and debt.Charge 4% fee, 1% to RMLOCall me - text first - I train in Lease 2 Own - for pointers in marketing for great buyers.Best Wishes,Brian

You should seek to define how you can benefit the seasoned investor so they will see the benefit of helping you learn while you earn.

I do not reference purchase credits in the lease (or 'purchase' in anyway), but the purchase price on the option can reduce by the amount of 'rent credit' over time.

In order to reduce unforeseen repair costs, do you recommend the investor perform cosmetic and light repairs on the property.? 

FHA is trying to make it a right and they are using our hard earned tax payers dollars to guarantee these bogus loans.