I also explain that I have final say over who pays. 

He is not motivated to sell, but it seems he could be persuaded to go with seller financing...so, do I explain:I will take possession of the property by transferring the title into my name.You will retain ultimate ownership of the property and have the ability to foreclose should there be any non-payment issues.I will pay you a monthly loan payment of X Dollars every month for the next X Years.And if this is correct so far, how do I explain the terms?

When I explain the pre-qual requirement to my buyers, I always make it clear that they're not required to use my lender and that I'm not being compensated by my lender.  

I explained it to her and she said "I have 6 hedgehogs could we work something out".

I was thinking today about the best way to explain what this is to a possible tenant or buyer.

There is a book called the Loopholes of Real Estate by Garrett Sutton that explains a lot about asset protection & LLC's.

After all, his initial objective is to sell and you need to show him how you can can solve his problem with a master lease and option.

OK, so my husband and I just got into a huuuge argument over this.He is not associated with real estate in any way btw.I was trying to explain to him my plan/strategy to acquire a bunch of owner financed investment properties within the next couple of years.

Whenever a tenant indicates by word or action that they intend to vacate a unit, I make sure they sign a "Notice to Vacate" form, which explains keys points required by our landlord-tenant law.

These are not for inexperienced investors, in my opinion, and the seller carries a significant risk which they should be fully explained to them before embarking.