They want to rent, but with foreclosure protection. If they rent and don't pay, you can evict in 2 months. If they do this and don't pay, good luck evicting in 2 years.
I'd ask for 25% down and 20% interest, and write quicker eviction for non-payment into the security instrument, as a separate civil action from a foreclosure.
...and then, I'd re-sell the note to a rich person/company who can afford better lawyers, because I don't really need my assets pinned down like that in one high-risk loan.
