I strongly suggest you get an attorney.From my understanding of contract law, the lease should transfer to you, upon sale of the home.

need track record  very strong balance sheet and lots of liquidity.you kind of have to work up to it.. unless you have millions in liquidity that your willing to pledge.too me this would be a project you would do once your a mature development company with many projects in the books.

PPC is a whole different game though and I've heard you have to jump all in and commit to make it work.

So, with that being said, I have committed no less than $1,000 a month to marketing indefinitely.

I'm sorry to interject my opinion so strongly here.

Real estate pricing has of course gone up everywhere in the last few years of course as interest rates stay low, the economy is strong, and investors join the game. 

Homes are selling for 10k-20k over asking , So if you dont have a strong buyer then your SOL. 

We are looking to start with single family flips in areas that we are familiar with including Essex, Bergen or Hudson county.We would like to start forming a strong team to help make this possible - any suggestions or advice would be much appreciated.

The tenant would need me to be the bank for them due to them being self employed and not  showing a strong tax return year after year.How would you structure this so everyone is protected?

If your partner is as strong as you suggest, it will not matter if you are on the loan.