Check out the threads that Nicholas L. linked to above then use the search function and you will find literally dozens more like it and begin to understand what can go wrong. 

@Zach Denny Did you ever put your deal together, if so I'd be curious what the bank required on CLTV and if you had to source the total down payment (PP-First Loan) then apply seller second, or if the bank let you do all that at closing functionally making your DP = PP-First Loan-Second Loan.

Last time in my MFD ( multi Function Display) went off line and I had to break off and climb out of the clouds get on top and go back to home base.. that was a 15k  box that broke :( 

Everything is functional in the property it is a older home.

Architecture is everywhere among us--if it ugly, or if it has been build with only the function in mind, then what impact does that have on us?

I think its a matter of how you build it and its functionality. 

When the HELOC is fully paid down, it can function as the next down payment and fixer-upper fund.

Secondly, calendar and email functions/apps on computers and smartphones provide great records and a log.

The more time you spend talking about other options and try to build up the negatives, the less time you are spending on what you fell are the positives of your own idea.If you believe that you are onto a great idea using L2P option contracts and forming partnerships where someone else provides 100% of the money while you provide 100% of the real estate-related functions, then start it up and make it work.  

Buyers Want More Than a Pretty HouseSan Diego buyers are discerning, and they don’t just want a house that looks nice—they want one that functions well and reflects their lifestyle.