To formally and cleanly release both parties from the lease, you’ll want to use a document called a “Mutual Lease Termination Agreement.”

Quote from @Caleb Stuart: I am looking at purchasing a run down motel for around $1,000,000.

Purchase price: $155,000 I worked with a great property management group/real estate company to help me find this SFH in a great area.

Some localities are looking to restrict the practice of wholesaling, such as requiring a license for deals where you appear to be acting more of an agent, brokering deals versus the principal in a purchase agreement assigning their contract rights to another. 

search=DOC&search...Some excerpts on wholesaling:(44) "Wholesaling" means having a contractual interest in purchasing residential real estate from a property owner, then marketing the property for sale to a different buyer prior to taking legal ownership of the property.Advertising or marketing real estate owned by another individual or entity with the expectation of compensation falls under the definition of "broker" and requires licensure."

Definitely lay everything out, and you'll need the Operating Agreement for funding when you get to that point.

A simple written agreement or email outlining the extension terms and confirming the move-out date should be fine — just make sure both parties are on the same page. 

Also, stay away from Insula Capital AKA Atlantic Capital Holdings out of New York (Long Island) I didn't lose $200,000 but lost $10,000 plus on a deal they gave us a funding letter for $300,000 cash for a flip we were purchasing.

I am just looking for some advice on creating a purchase contract and assignment contract so I can ensure I'm (1) following the appropriate laws for the state of Michigan and (2) protecting myself as much as possible for any potential issues with the property, etc. 

It IS an elegant mash up of traditional Wholesaling where we buy and sell other wholesalers Purchase and sale agreements as Principle in each deal to our investor buyers.