The property does not need any work other than a deep cleaning.64,500 purchase price 10% down because the loan will be structured as a second home. 6,450.3,000 closing costI will be taking out a loan and have excellent creditAfter the down payment and closing cost, the amount financed will be 61,050.

We've speculated that the offers may have been rejected because of the due diligence period being 7+ days, or perhaps being contingent on inspection, but have received no feedback from the agents as to the true cause. 

They suggested a traditional loan as I have excellent credit.

You could do it if the host has an excellent track record and lots of reviews and looks like they know what they're doing.

When you receive a fine  they will each be assessed a $15 fine.

It makes excellent sense. 

I receive either a covered hotel room or a housing Stipend, $100/day.I'm opting to choose the stipend bc rent averages $1500/month here, which means I can pocket $1500/month.

Excellent condition.

My question is about the loan or mortgage - when people go into an agreement like this (assume they are splitting all costs equally), do both people obtain a mortgage for 50% of the property, or does one person get the loan in their name for the full amount and then just receives payment from the other party for all expenses, etc?

@Jay Hinrichs excellent information as usual.