You are going to want to draw up two more contracts- a Promissory Note (the mortgage) and a Trust Deed so that Note is secured in first position on the property so that you have proper recourse if anything goes wrong.You can get these contracts online, but do yourself a favor and talk about all these things with your Buyer ahead of time, write it down, and then go to a real estate attorney to draw up the Purchase and Sale Agreement, the Promissory Note, and the Trust Deed all at one time.

There are different pockets and sub markets that tend to favor one strategy over another.

Some may have a different business model that would drive them to set their entity structure up differently because they're hedging risk in a different fashion because of their business model.  

I look forward to learning from a lot of you and hopefully one day I return the favor and help someone as well.  

As a financial analyst (one with integrity however) that is aware of how disclosing or not disclosing finances can influence decisions in one's favor. 

What's wrong with the old fashioned pen and paper? 

I just hope one day I can return the favor to those who have helped me. thanks again @Arlen Chou.

My take is that everyone wants the rule of law when it favors them and exceptions when it doesn't.

Everyone there, after we explained how to eliminate most of it, and ran through the numbers comparing both methods was enthusiastically in favor of changing many aspects of their operations to lower the non performance of their customers because it is more profitable, and it lowers the chances of unfavorable publicity and regulatory attention.

Real Estate without the hassles of tenants, toilets, and trash has absolutely changed our lives - having dumped over 100 houses and over 400 apartments in favor of Self-Storage and Warehouses.