Actually you could do this yourself, execute a deed of trust have it notarized and note then take it to the recorder's office, but really, you should go to another attorney.Your sale contract most likely is a cash sale and the closing company/title company must close it as a cash transaction, that means they can't close it with a purchase money note and deed of trust.Execute your deed and note after the sale, you need to ensure the closing is recorded before you file your DOT.One good reason for you to do this is because people die and the note and DOT resolves estate issues, it is the proper thing to do.BTW, note and DOT or mortgage, which ever is used, basically shows the debt and encumbrance on the property. :)

My wife and I have talked about "selling" our interest to someone else, but not sure if we could actually execute something like that. 

Hey @Jordan Monaghan, the trade off when skip tracing is going to be the cost versus the quality.

One guy's opinion - skilled trade relationships are right behind tenant selection in importance.

You would be able to decide the market rent, choose the tenant, and execute the lease agreement (depending on the specifics of the retirement structure).

Everything is trading wayyy high in what I call, "the investor havens".However, there is good news for the out-of-town investor, which is find those "unpopular" suburbs that people don't talk about, but are still growing like crazy.

We are trying to figure out our next step once we end up selling next year now, so we have a plan to execute.

Folks are brutally honest sometimes and it can help get you some perspective on what's holding your unit back.Lastly, @ 1700/mo, you could trade a month of vacancy for roughly $140/mo less rent.

What are my options regarding exit strategies if one were to execute this lease option?

One must have a great acquisition strategy and the ability to execute on the upgrades.