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In this video, Michelle discusses contracts for deed as a method of acquiring real property. She outlines different ways to buy property, including outright purchases, lease with purchase options, and contracts for deed. A contract for deed involves the buyer making payments to the current owner or a mortgage holder, with terms varying in payment structure. Unlike an outright purchase where ownership is immediate, the buyer does not gain ownership until all payments are completed. This arrangement may include regular monthly payments or a larger payment at the end of the term.