Brian,
I am not an attorney and am not giving you legal advice. For that I'd suggest you contact someone like Abid Hussain. That said, many local investors are still doing "old fashioned" owner finance / rent-to-own out of ignorance.
The new laws don't make it illegal to do owner finance / rent-to-own deals, they just make it VERY difficult. People mistakenly think the new laws make doing these kind of deals illegal. They aren't (under certain circumstances). However, the news laws DO have draconian reporting requirements and HORRIFIC fines.
Other investors are using wrap notes to accomplish the same things.
If there is anything else I can help you with, please don't hesitate to let me know.
-Greg Wilson ("The REI Mentor" - www.reimentor.com)