My goal is to have every one feel secure in the partnership while also avoiding any unnecessary fees like legal, if possible.

@Bart Hedgcock, I hadn't fully considered the legality of it (so thanks for that!)

First off, most contractors are not that far behind as far as payments vs work done and they have legal protections to get paid if and when a problem arises via a mechanics lien on the property.

The designation "Realtor" is a trademark owned by the NAR.

Design your option to be exercised after this happens.These same owners are also a great source to ask for seller financing after they see how you manage the property for a couple of years.Happy InvestingDerek Dombeck

Regarding apartments in back, do you recommend consulting an attorney to make sure the back apartments are legal?

I added in vacancy (10%), property management (10%), maintenance (10%), $1k/yr for Contract services, $750/yr for legal costs, I escalated the taxes, insurance and utilities by 3% (numbers provided are from 2017).

I am nervous and unsure as to how to approach it being that not only is this my first deal venture, but I also am not 100% sure how the seller finance process works legally and through documentation as opposed to a traditional home loan.

Rents roughly doubled since 1993, but not quite, so the total rental for the two legal units run $4,500.

Say 15% discount at purchase, followed by a further 5%+ appreciation during the year, not even including any value-adding that could have been made to its design)].Thank you for your service.