@Jamie Mathieu, are you looking for checkbook control?

I know a lot of the companies will offer something like "if termites damage your house during your pest control contract with us, we'll replace the damage at our cost".

You have less control.

If the tenant wishes not to utilize electronic payments, then tenants must deposit rent by the (DATE) at BANK into ACCOUNT, etc"I don't think it needs to be formal, just clear and precise.

I come from a QB background, and love the control and reports.

If my success depends on market appreciation which I don't control, then I'm not in control of the outcome and my exit strategy is weak.The only way that makes sense it to buy the property at a deep discount to the current market, and write the option price near today's market value.

Remember you don't have to own a property to control it.

My question is on the power of sale part - we both agreed that in event that I cannot repay the loan, I would give up the property and he can gain full control without having to foreclose.

Each the 1031 person/entity would have 50/50 control of the entity that owned the new property. 

A couple of key points to remember when landlording in DC....DC has rent control if you own 4 or more units (It might be 5 or more?).