I've done freelancing in the past and you have your pros and cons.
The pro is that if something is wrong, you can easily fix it.
The con is that if something is wrong, you can be liable for it.
Nowadays, you're better off setting the client up on their own hosting and letting them handle the billing. Most hosting providers can do several years in advance and you can include that in your initial contract. You write the code for them and they pay for the fees. If you decide to part ways in the future, it's no problem for you because they're already in possession of the code. If they decide to cut off your access, you can professionally bow out as well.
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