And I am a DIG member as well (and a co-leader for one of the DIG subgroups also).

Maybe...make it a co-op and sell as many as I need to in order to pay it off and get all my cash out...plus some.Hence, why posting in innovative strategies.

It is a 500 square foot studio in a co-op selling for $145k.

They are often a friend, a family member or an acquaintance (a co-worker, mail carrier, doctor, etc.).

I don't see what benefit with would provide any party other than possibly allowing the lender, who know be a co-owner of the property with the nephew to get a judgement forcing the sale of the property. 

Yes, they're cute (and of course, I'm biased :) ):I'm also a co-owner in a design/web/strategy business that's been going strong for 16 years--and we've also branched out to work with smaller scale web projects recently.My business has allowed us to let my wife be a stay-at-home mom, and live in a great city outside of LA with one of the best local school systems.

In my mind, I buy a co do for $70k, renter pays on it for 7 years, loan gets paid off, I now have a property that is all cash flow (minus the obvious HOA and monthly expense).

If your potential tenant doesn't have any rental history, then you probably shouldn't rent to them unless you get a much larger deposit ( double or triple) and/or a co-signer that has something to lose if the rent isn't paid.

She has a co-signer as well on the lease.

There are now a few new startups out there to help you set up a co-living arrangement with the goal of putting people with similar interest into the house and the app helps screen, coordinate and collect rent.