@Daniel DietzMy suggestion is to treat it as a property owned 100% by the money person: the one who brings the down payment and whose name is on the loan.

Treated me fair and was done quickly

Yes, they'll not like it but it's a business and it should be treated that way. 

By now admitting that you intend to sell your current primary, I guess you're also talking about treating this $750k property as your new primary?

Cause obviously with a 5% down loan, it has to be owner occupied. and finally no, I would never ever do this deal. treat your business like a business so credit checks, background, income verification all matters Unless you don't mind losing friends or money

Unlike just a master lease, it is treated like real property, where you can get a mortgage on it, sell it, use it in 1031 transactions.

Treat people fairly and in accordance with the law.

Because sellers are not some mysterious alien creatures you have to use some guessing and some special code message to make them react a certain way.Would all of you please stop treating sellers like this?

Either way treat them nicely and budget money for an eviction.

@Daniel Pitta In my opinion Background checks are the number one best way to vet a prospective tenant.Many things fall under background checks like calling their employer and previous landlords.Also I know some PM's that like to sneak and peak in their car and see if is junky, if so they is likely how they will treat your property.Also these same people will find an excuse to stop by their current residence and look in the door for the same reason.W-2 paycheck verification.No evictions in last 5 years.Tenants make 3x the rent.If they can't come up with all move in money don't rent to them.They ones that beg and plead for you to rent to them you should run from.Make sure they have stable employment - same job or in same field for 2 years or longer.Get a larger deposit than 1 months rent to encourage them to give you proper notice when they move and that they don't try and use deposit as rent when they move out and that they also leave your property in good condition.