My question is, how will this work out at the title company and do both parties need to sign the letter of agreement contract?

Whatever type of fee structure you all work out is a matter of negotiation between consenting adults.

I'm meeting up with a Reator family friend who specializes in Orange County to see if I can find anything that would work out, both by the numbers and close enough to my job for me to live there. 

I am mentally prepared to lose money as that is a risk of investment and it may all work out in the end but it has been a roller coaster of emotions!  

In my case, it will not work out, BUT, for others, it may be an option.  

Sorry it didn't work out. 

Looking to sell if anyone is looking for a work out and a home :-)Okay to finish up this section I never really had a realtor(last two were the same realtor and the one I still use now, she is great.

Option 1: One mortgage, both on it, you're coborrowers, no different in terms of responsibility/obligations/etc than an engaged couple buying together.Option 2: One mortgage, only one person on it, the other person can be property manager or whatever you work out once you own it.Option 3: One person on mortgage, both on title.

Was approved for nearly $20k today (cash credit) workout a personal guarantee. 

So this deal didn't work out.