The deed of trust has a third party, the trustee.

If both parties agree they could rent for 10 or plus years (I think we are not that regulated).

An example would be For Sale By Owner because it seems pretty easy when the market is hot, the property is simple, and both parties are honest; it doesn't take much for a FSBO to turn sour.AirBnB arbitrage is another model that looks good on the surface when everything is going well.

Keep in mind that you might end up being either party, so you have extra incentive to make the terms very fair. 

The fun part is that I teach at an art school where I have some really scary looking, tatted and pierced co-workers who happen to have MA's in theater and wouldn't mind a fun gig over the summer. 

What third party services do you use to manage the account?

Partnering with a rehabber who does seller financing and buying their notes at a great price AND both parties win.

I'm no lender or borrowing expert, but would think both parties sign for the whole loan, like a husband and wife do.

The entire state is run by a one party tax, spend, and regulate government which results in a terrible business climate.

How about you get the other party together and sign land contract?