For example, in CA I'm told that mortgage brokers can sell fractionalized loans, and the Banker's Code uses that technique, but no lawyer I've spoken to in my location will endorse that.

Bryan Hancock is right on the money.I consulted with my lawyer regarding L/O in Texas after reading the book "Buy Low, Rent High, Sell High."

You can get an eviction fairly quickly in Alabama, but it requires managing the lawyer and the process.

There may be a dollar amount that is palatable to both.This addendum nullifies the lease and makes this new agreement, shouldn't be too hard for a lawyer to draw up.I would make sure that was arranged before you took the listing though.

Would a Title company and a lawyer suffice?

I forgot to mention that there may be local laws or ordinances which limit the number of unrelated people who can live in a single residence.Check with a lawyer.

The lawyers all sit upfront, and continue to bid until they are awarded the property, or are outbid.  

I had five closings last month, two sellers threatened to walk at the closing table, one buyer bounced his deposit check, one closing was delayed for almost a week due to a crappy RE lawyer who was handling the file, and a private lender refused to sign a satisfaction of mortgage until we put the check in his hand which meant we had to drive three hours to his house with the check.

You might want to talk to a lawyer in the process and make sure some ancient "Homestead Law" doesn't exist on the books and make sure you can get clear title.

It was a probate lead which was turned over to the lawyer who became the executor of the estate.