Land contract structuring

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(Long post; TLDR My 1st project, land contract structuring to protect both sides, house not finished, sweat equity in lieu of down payment to complete, implications for my taxes)

Hello all you fine BP folks! I am looking for thoughts on structuring a land contract. I am not coming here completely unarmed...I have looked through other discussions regarding this as well as googling around and have listened to a few podcasts on the subject (I recently started at #1 and have reached show 52; amazing info in every one!!!) but havent found all the info I think I need to see if this is a good way to go. 

Pertinent background info: 1st project; intended on either flipping or renting, but a neighbor has approached me about interest in land contract. This is a 1915 2 story ~2000 sq ft. 2/1 single family residence that I purchased via 30-year mortgage (loan amnt 50935.00/PI $289.21/TI $183.43) in 9/2019 needing a full renovation. I have put all new windows (24), new 30 yr shingle roof (22 sq) and had new electrical service installed (was 60A knob & tube, now 200A with ALL wiring to be replaced to code starting 8/5). Following will be plumbing, adding A/C with ductwork to the 2nd floor (none has ever existed), adding a bath and a half and full kitchen with island, and then putting a new double garage door/opener on the detached garage. Total repair costs were estimated at 45-50k. This will make it a 3/2.5 house and ARV should be $135-140k. If I were to rent this out, it should rent ~$1000-1100.

So, the guy next door would like to buy but his credit is in the rebuild phase after a bankruptcy a couple of years ago so he would obviously need some time to do that in order to qualify for a mortgage. He is a handy guy with experience in finish carpentry, drywall finishing, etc and would like to take all of that work and do it as "sweat equity", which I have no problem with. This would entail refinishing all non-kitchen/bath rooms (den, living, dining, and 3 bedrooms as well as all outside work which would include powerwashing the siding, repainting the foundation, repairing some medium water damage to a screened rear porch and a fair bit of landscaping where I had 3 trees removed (which caused the water damage to the porch).

And finally...I will have my RE lawyer draw this up but before I get to that point, my initial questions are...has anyone done anything like this at all? Given the details, what are some of the non-standard items you would include in the contract? I am thinking along the lines of starting with the purchase price we negotiate, subtract whatever I think his sweat equity is worth and then plug in to an amortization calculator. I remember reading one post the recommended a multi-part (3) contract to include the purchasing details, the loan details and the "rental" details? This seems like a good way to go to cover all bases. As far as taxes, is the whole monthly payment generally taxed or just the part above what I am paying to the mortgage company?

If you are reading this, I really appreciate your time and any thoughts you may provide. Hopefully there are no irrelevant details above but if there are, a suggestion to edit and remove them would be welcomed. replies but I thought I would follow up with where things sit a few weeks on. Unfortunately I did make a costly mistake and hopefully someone else will come across this and be able to avoid making it. I had verbally agreed to trying to keep the monthly payment close to what they are currently at ($950/mo) and we did settle on $140K purchase price minus his sweat equity which came to $10K with $1000/mo pmnts on a 5 yr balloon at 7% (2 pts higher than the mortage). The buyer was really interested to know how much of the monthly payment would go towards the principal so I ran a quick amortization and said we would end up at about $113k for the balloon in 5 years. OOPS! I didnt take into account my taxes and insurance part of the mortgage payment! Only ~$816 shouldve gone towards principal ($1000-184)...a $10,000 cost to me at final sale. In my mind, I verbally committed to that and I wasnt going to go back on it. I guess that would be the type of advice I wouldve hoped to have gotten here. In the long run I will still make out ok on the deal but wow!