I am looking to set up a virtual wholesaling division in either Nashville or Tampa.  

Are you still in the process of getting that set up? 

Option 1 - Set monthly fee and a set lease up fee.  

If she can't wait that longAustin's solution for seller financing is great but I can tell that neither you nor your friend have much experience in real estate so that may be tricky for you guys to negotiate.Another option is to look for a deal together and you buy the deal and sell her a note for x% financing or partner up on a deal 50/50 if you have the funds.It really depends on your friend's objectives.

Done right, holding might just meet the needs of your retirement, children's college education or other financial objectives of your golden years quite nicely, making you appreciate that foreclosure you bought and held in Parker way back when.  

Stay encouraged my friend... set your goal and make it happen.

Technically that is true, but a good agent sets alerts for short sales and REOs that come back on the market (when they are most ripe) after a failed deal.3.

I have set my eyes on starting my career in Los Angeles, but I haven't fully committed for fear that the potential of a newbie getting washed out in a market as big and as fast-paced as LA.

Here is a link to the NCGS chapter on D-T Any NC real estate attorney can help with setting up a private party (non-bank) loan.

Instead of paying off the loan in 5 years, set a goal to pay it off in 2.5 years.