Then, refinance with a traditional mortgage.

If you are working with a solid mortgage pro, they will definitely not play that game and would rather work with someone more serious.

Do you know they are carrying a mortgage?

Getting the mortgage under my name; then rent the properties with agreement with the LLC.  

Much of their food would spoil and they'd be hungry, and most people don't have a proper stock of food and what do you think people will do when they're really, really hungry?

Here in Canada its called a VTB (Vendor-take back mortgage).

Maintain proper records - Contracts, Settlement Statements, Agreements, Promissory Notes etc.Additionally, youcan track income and expenses consistently, using software or spreadsheets.As you scale, ifbookkeeping isn't fun for you, consider hiring a bookkeeper for a couplehundred bucks per month.

Hello Biggerpockets Community, I'm currently considering a unique opportunity to go 50/50 on a property with a friend, and I'd love to hear your thoughts and experiences on this matter.Background:My friend and I are contemplating joint ownership of a property where they will live and cover the mortgage, while her and I contribute 10% down payment.

However, when you rent out a portion of your home, you need to make sure you're properly dividing any expenses you pay to maintain the home between personal and rental uses.

I can't say I know much about land financing but if I was in your situation I would get in contact with some local or even national mortgage brokers.