Posted by Rick, the Probate Guy on July 04, 2007 at 09:48:01:
What happens if the “tenants” reneg on the widget leases but continue to occupy the units (for free, of course)?
How about a master lease to one family for the entire property, but arrange for you to collect the portion due from the other sublessors?
I can punch holes in this idea, too, but it might get you closer to your goal.
Also, don’t forget what your position is if and when you had to stand in front of an unlawful detainer judge should it be necessary to evict one or more tenants.