If you just hope it will work out and everyone gets along, this sounds like a recipe for disaster. 

My deal ultimately did not work out but I am still actively working with brokers and underwriting deals in very specific marketts

My plan is to assign the contract if things work out.

The potential of deferred mortgage payments is a nice Ace in the hole if I can get a bank to agree to it but I need to work out several scenarios assuming I won't get that kind of deal.

One other thought/idea I had was to work out an agreement with the current land owner where we draw up a master plan for the site and then sell each individual 2-acre lot, with the buyer entering an agreement with me to design a custom home, to be built with a builder partner.This is still fairly early in the process for me and I am working on getting the site development costs in place so we know how much each lot needs to sell for to pay back the seller and for site development.

If that doesn't work out, there's actually a 3rd....get a partner.

I can't tell you exactly how it'd work out for you.

Prolonged periods of holding them, basically until it does not work out.

Most short sale approval letters come with addendum’s to prevent you from renting to the former owner so trying to keep these former homeowners as tenants is not gonna work out.

I am looking to work out a seller financing option to where I can put down about $15,000 and make monthly payments of about $400-$500, while renting out the unit for market rate.