Well, we all discussed it last night and we will be paid for doing this plus have an option to purchase the house outright next year as the owner lives far away and is doing his own thing there.
We are having a contract drawn up and we are going to bring it by my lawyer but I'm sure it will be fine. We were able to discuss exactly what is expected from us, liability, payment etc and DH and I think it is a good move.
Thanks for all of your responses on my question about all this. I was better prepared to talk to the owner because of you ladies!