Otherwise, they will screw you for their own compensation.Inspector: You want an unbiased and competent professional that will properly do their job and document it.

In a JV you need to be very transparent and thorough about documenting your costs so you can get an accurate "profit" number for the split.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

The seller acts as the bank – you sign a promissory note with them and you pay them a mortgage instead of to the bank.A promissory note is a legally binding document that contains all the particulars of a seller financing including the repayment schedule.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Using an Excel STR Proforma template can be a great starting point when you're creating a new document.

According to the owner document they pay water/sewer (6,200/yr) and gas/electric (7,800/yr)SECTION 8 QUESTIONSThe current owner provided a document with individual rents totaling 7,900/mo (waiting on actual lease paperwork to confirm this) stating that all units were at 1-bedroom rates. 

Do you typically just have them in the LOI or do you have your lawyer redline the legal documents?

@Eric ShinAn owner financing agreement between buyer and seller should always be memorialized in a written document that includes the specifics of the deal.

Their office is open to filing the property as 2 separate pieces since it does make sense for taxes and I have all the documentation to backup material participation and the split costs for the year.