I see nothing wrong in this scenario.Whatever you do, make sure you include it in the lease so that there are no misunderstandings. 

I took that to be self-evident and the misunderstanding to be only the proper registration of the title change  as I noted the conditional "passing to direct heirs" :)

Insurance also doesn’t protect you from misunderstandings, especially those made in writing and email.

I hope I am misunderstanding this regarding new tax law in Calirado... sorry I meant Colorado...."

By investing the time at the start of tenancy, we minimize misunderstandings and develop a rapport with our tenants.

You may be misunderstanding my advice, though.

(It is an Urban renewal zone)**as I suspected, the owner visits the lot once a year (which I interpret as scrambling possession) and I don’t want any misunderstandings If the owner decides to visit the lot and I have possession. 

Don't misunderstand me. 

You may misunderstand how the transaction is designed.

Good point, I had a misunderstanding of how section 8 worked.