I tried to figure out my budget/ rough idea on sales projection to figure out my numbers and offered him what I thought was fair salary/percentage wise and he agreed upon that.  

So all is good and now the buyer is suggesting that the payments be made about 1/3 up front, and 1/3 at 18 months and the last third at 36 months.

The down side though you may not get top dollar if the renters don't keep the place tidy for showings and the potential buyers are at the whim of the renters for showing times as well.

My buyer needs to demonstrate stable work history which requires an additional 2 month added.  

One more tip- don't leave the cat pee stuff outside in a pile or in a dumpster for long- will attract more cats and animals to your job site...and they will  mark outside which potential buyers might see/smell after the house is all nice on the inside.

Heard a funny story once where some first-time buyer was at the tail end of a several month FHA purchase and had a surprise divorce... supposedly the realtor ended up "purchasing" his swing-set for $3,500 to get him over the bar for required funds, and had to supply the bank with a notarized letter of purchase so they wouldn't write the deposit off as an un-seasoned gift. 

In my case, one of us puts up the capital and the other finds the property and resells to a tenant buyer.

Show the home to the Cash Buyer (all of my cash buyers habitually want to see a home before they purchase.

My only personal experience in REI comes from a few flips I did in the west suburbs of Chicago, but I've also helped a few buyers through multifamily purchases and am trying to move more of my business in that direction from residential.  

He's been very helpful and communicative for this out of state buyer.