Everything (down payment, price, terms) is negotiable, you just need to come up with an agreement that works for both parties.

Obviously, I prefer them to switch over to MY lease as soon as possible because I am most familiar with it and it is very detailed.An attorney had mentioned to me in the past that I may need to extend the term of the lease beyond the date it is set to expire if I do it this way, since to be considered a contract both parties need consideration and to give up something of value to the other party.

Track all of your expenses and income listed in a report and review them regularly with 3rd parties to help reduce expenses and increase your income.  

Killer part is that there are at least 10 cats surrounding my home.

So, essentially private money means that other people (more than one party) are contributing towards an investment?

if the answer is yes then you need to run the numbers as if you'd be buying this with owner financing so you can pay your dad back.To answer your specific questions, if you'd like to keep your job skip the "hiring people for those tasks" option and go straight to hiring a professional property management company that specializes in multi family properties (the last part is very important).

When it comes to assigment contracts is there anything on the legal side that needs to be said besides the clause of "and/ or assignee" showing the contract will be given to another party the end buyer.

The great part is that our cash offer said they want to be a backup so should anything go wrong with number one, number two goes into contract immediately!!

The worst part is that we didn't even manage the property and had nothing to do with his complaints.  

I don't have wild parties, don't have any kids or animals and keep a nice place.