I agree with some of your concerns, but if you structure your lease term from August-June, you could mitigate the vacancy and still receive rent for 11/12 months, with one month to turnover the rental and complete any improvements that are needed.

I'm not a lawyer so this is not professional advice, only advice from my education.I don't think the 1003 application is overkill, the more documentation, the better in the event things go sour.In terms of...Terms, from what I've heard from Larry Harbolt who I attended an in-depth seminar on regarding owner financing...The terms are completely up to you.

When I receive a referral fee, the check would be made out to his brokerage, and he would cut me a check. 

The broker pretty much got me approved within a day of receiving all my statements of assets.

Either you or a representative you trust with out exception must perform all the necessary due diligence just as you would for a property down the street from you.Turnkey companies want to maximize profit by doing as little work as possible using the cheapest materials.I would have a professional inspector check everything with a fine tooth comb,especially the roof,plumbing,electrical,and HVAC systems.Also make sure you get a repair warranty for when things go to hell in two years or less(and they will).I honestly don't trust any property I don't rebuild myself with my trusted contractor and quality materials that will last at least a decade or more

If I understand you scenario, Yes, you would have to have a contractual interest in the property to receive a fee.

Professionals with decades of experience and very impressive track records do all the heavy lifting for you.

However, I would recommend talking to a qualified professional to avoid expensive charges down the road.

Seller's Result:60 months of interest only payment of $500/month = $30,000Principle Loan Balance payoff after refinance: $75,000Initial downpayment received of $10,000Total to seller from me after 5 years: $115,000This would be my 2nd deal if done and I wouldn't be using my personal money to acquire it.  

This is commercial and needs to be treated professionally.