There were a ton of landlords who took equity instead of rent in the first .com bust and for some Im sure it worked out well, for others probably not so much.
I think on the commercial side this was pretty common. Might not work so well in SF now, but say, Detroit, etc.
And also - the residential aspect of this. Letting you find an apartment for 3-12 months while you build. We would certainly rent out a room in our house for equity to the right person -- would be in house inspiration and we wouldn't otherwise have a guest renter.
There were a ton of landlords who took equity instead of rent in the first .com bust and for some Im sure it worked out well, for others probably not so much.