Further, they must be properly executed and recorded.

I also know a lot of local bank executives through my current job, but I am not sure exactly how to open a conversation with them about lending possibilities for my personal finance.I appreciate your insight on my plan.  

You just have to execute.

Prior to these sites emerging to dominance, I wouldn't have gotten near a VR with a ten foot poll; with this new platform, though, it can be incredibly rewarding if executed correctly and something I help interested clients to pursue.As Justin said, how selective you are in the neighborhoods you choose to invest in (AKA: being very thorough with your due diligence and making sure to avoid the neighborhoods where people are likely to take issue with short term rentals operating in their back yard and attempting to make formal changes to legislation) will go a long way in dictating the success you have.For instance, Del Mar just recently put a temporary stop to any new short term rentals operating in the  Zip Code and are currently 'sorting out' the 'unclear verbiage' regarding short term rentals in their municipal code.

One reason this is a great option for you is your ownership is maintained until the option is executed. 

Therefore, the seller wants me to execute an assignment of rents and leases on other properties I have so that he will be secure in case something goes wrong with the loan in the future.

It's great to read that you have a plan and are ready to execute.

The most important part of my job is execution.

Have any of you used one of these title companies to execute this type of transaction? 

The most important thing that VC's are looking for besides other things is "Positive Cash Flow" and "Execution".Once you gain real traction and show your analytic s for your business regarding growth ( month over month or week over week) with your ability to execute, then maybe you can have some heads turning your way.