The notes are a financial instrument and in order to qualify for 1031 treatment when you sell investment real estate you must purchase more investment real estate.  

My best guess at the moment is that I would execute a PSA with the buyer and then use a title company to create the note and security instrument, issue title policies, and record the deed and security instrument. 

The issue you have as Mark said a 40 year contract for deed is not an attractive instrument.

Another thing to keep in mind is that a properly prepared note is a negotiable instrument and so you should only have the one original that you keep in a safe place.

I do have experience in mortgages and note purchases as well as levering notes via hypothecation.You really need to have an idea on how mortgage/trust deed law works and have someone on your team of 3rd party providers who knows how to draw up these type of uncommon, but completely legal, types of security instruments and notes.

Any version of a security instrument in between, that's over 180 day, will not be favorably viewed by the courts and the tennant could ask for a full refund of all payments made.

I don’t know what my tipping point was, but I know that a few people’s products were instrumental in opening my eyes to a different world.

There is no faking, the MLO, if used in your state as there are options I'm not up on, needs to affix the MLO seal to the note and security instruments with the MLO number.

Alabama allows for a Deed of Trust instrument which will grant you a power of sale.  

Keep in mind that in most CA counties you can't view the actual documents online, you can only view the dates, instrument number or book/page and type of document.