It could also be a great negotiating point, since many buyers will shy away from this.Typically, the sellers would just execute a short term lease with the buyers that takes effect the day of closing, making the buyer an instant landlord. 

In effect, buyers will need to be in better financial standing in order to qualify for a home purchase with a low downpayment.

Any particular template that is especially effective?

BP has advocated using a 50% expense estimate but I've yet to find a property that has such high expenses or cash flows well with such a high expense ratio. 

This new rent will take effect on your [next billing date more than 30 days out].

We plan on doing a wrap around loan and I like to know what’s the best way to go about this cost effective and secured..

The proper goal of charity is not to give (and virtue signal one's giving) but to see that the gift has some beneficial effect.   

Awesome to hear that you’re thinking about pulling the trigger on a house hack - it’s easily the best financial decision you will ever make if done correctly.A lot of people on BP will tell you that renting by the room is not a sound investment; that you can’t effectively manage multiple strangers in a household; that you’ll relinquish your privacy/sanity/personal space/landlord status etc etc.As someone who lives with 5 roommates (including my wife + 2 dogs) I can tell you that it’s absolutely not the big bad monster that it’s made out to be.Because you have multiple streams of income in a single property, if a tenant flakes, you still have partial coverage of your mortgage payment - not the case in a traditional rental or “luxury” house-hack.

Why exactly do you advocate for paying the loans off over time?

I'm not advocating for the CARES Act, I'm just surprised how many people are unaware of the eviction moratorium buried in it.