Outline where you want to be in five years.

However in the figure I think I will do something more along the lines of this thread - https://www.biggerpockets.com/forums/52/topics/476...He outlines a system that I think could work great. 

Outline your agreement with them upfront and then you won't need to have 2 recorded transactions instead you'll have just 1. 

great moves and great outline ..thanks for sharing a seattle success story

You'll also find that for the skinny few bucks that you get above a lease payment (unless your obligation is much lower) the outline who have above is a heck of a lot of work for what you have to do and continue to do in some cases as a long term relationship.

Below is my outline so far.1.

I didn't have an issue placing loans to Fannie Mae on the basis I just outlined.

The process is the same as I previously outlined (except your profile photo will be under the menu in the upper left corner instead of the upper right).

To answer your question though, I would recommend setting up an LLC as you as the owner and have a joint venture agreement with each individual outlining the terms and conditions.

Of course I would let the homeowner know exactly what I was doing - it would all be outlined in the Master Lease.......I don't operate on dishonesty.