We are drawing up very clear terms for an agreement that discusses the different outcomes and aspects of the relationship: Who is responsible for what?

Real Estate Background: I sold my first personal home this year and I learned a whole lot and I actually enjoyed various aspects of the selling side of the business.I enjoy the Biggerpockets podcasts as it has a fun format and its a great program to learn from others who are real estate entrepreneurs.

To plan this route you need to account for how much cash you have to invest, how much time are you willing to dedicate, how much knowledge do you have, what skills could you provide, what aspects interest you, and what you want to achieve.

Seller gets the profit numbers they want, I get a lower up-front cost which is what I want and the property will still cash flow well.However, I didn't think about the appraisal aspect of getting financing.

Then, do I stay at my job so I can be more bankable, or do I jump to real estate brokerage and commit to real estate from every aspect and figure out the lending options after.

I have a background in commercial real estate, so the number crunching aspect of investments appeals to me. 

@Dan Heuschele An infinite return via getting all your money out constantly is completely different from a TRUE 250%-400% Tax free return as I have created with this method after my 2500+ hours of studying and being mentored by the biggest most reputable faces in real estate, i.e the equivalent to what would take someone that's as motivated as possible 5-15 years to learn if they had a full time job (I spent 18-19 over a year of 8 hours a day 7 days a week on learning how to truly be a millionaire and successful in all aspects).Thanks for the tips but you did not answer my question, and I know all of the things you said obviously and I will adjust to the best possible thing available in my situation after deliberate knowledge on each individual matter and having a physical mentor,community and tons of other sources of wisdom and knowledge going into all of this before I start. 

He lives across the country, and wouldn't be participating other than the money aspect.

Another question I wanted to ask is about real estate attorneys and how you go about finding attorneys that can do these types of deals efficiently and help you create a contract that will cover all aspects of this type of deal so that you and the seller are covered.

You also have the aspect of if the buyer defaults, then the seller gets the house back, gets to keep the buyer's deposit, and then gets to put the house back on the market, netting another deposit when a new buyer enters into contract.Another pro: the seller can sell the house "as is," and the seller does not take on the responsibility of the landlord.