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If you don't want to record a deed of trust, you could have him just deed an undivided interest in the property and record it. For example, "For value received, the receipt and sufficiency of which is hereby acknowleged, John deadbeat does hereby convey and warrant unto Buddy Lender an undivided 1/4 interest in the following described propert: ......"
That way when its time to sell, your name will be on the proceeds check and you will have to sign the deed of conveyance before buyer can get clear title.
Whether a deed or deed of trust, if you don't record it he can sell the property and skip out.
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