So I want to make sure it produce decent cash flow after I leave.  

and very sharp on how to do this and keep you out of trouble.

So pending on which state it's in 100% occupied you should have much trouble vs 0 occupied where you have to give them a plan of action of rehab and occupancy timelines. cap rate and or ROI, rental history plays a factor as wellThis is past you having sufficient downpayment and worthy credit.

I want to find a simple contract that wont get me in any legal trouble in the end.

Casity,Both Account Closed are right on this one. you can have it in writing if both agree to the split based on square footage of the rentals and it could also be trouble down the line with each new tenant.

Hi @Steve Theobald,If  you're having trouble going conforming on these try Washington Federal.

Will I have trouble finding tennants, similar to high supply and low demand situation? 

Find out what is available, what the costs, rents and expenses are, and take that information and bounce it off the data you have, obviously someone working at the McDonald's, will be living in a different apartment as a producer, you have to see what you will find.Generalities will kill you in this business.

If you are looking for a particular amount of rental income, you'd want to look at comparable properties in a particular location.Example: If you want $2000 a month in rental income, get on Zillow (or the MLS if you have access) and search in particular areas that produce that amount.

And in NC if you change the locks before you have an eviction documented you can find yourself in a bit of trouble as well.