Looking for a third party to handle servicing of the house note.

Theres not enough room to partner on these types of deals and you can hire out support staff and or 3rd party management as you grow. 

Then find a sales contract and get it signed by all parties.

TTax allows multiple returns.I'm headed to the bench now as you've exceeded my risk tolerance and street knowledge since I would rather pull out my eyebrows than co-own real property with a unrelated party without a multi member LLC or a partnership with a CPA and attorney already in tow... 

In Iowa both parties share responsibility of the fence.

If you take the time to truly understand what they are seeking to accomplish through the sale of the property, you should be able to craft terms of a note that will create a win-win for both parties.  

His own party/The Media is working against him...

The like to rent to 3 to 5th year students as they tend to be over their partying ways like the 1st to 2nd year students.

And the bigger benefit to this one is that simply purchasing land may cause you a depreciation recapture issue.You've got some really good options and with a little time and strategic thinking you won't have to invite Uncle Sam to your retirement party.

The main difference is I set it up as month-to-month so either party can get out of it if it's not working since we're living in the same unit.