By regenerative principle only. If you add a self(simplest) or external quench oscillator to a basic FM transmitter circuit, you get a receiver! Search for 'one transistor fm radio'.
Superheterodyne FM receivers are much complex, yet an autodyne frequency converter with a charge pump demodulator is the simplest way of doing it.
Third option is to start from the worst FM chip like TDA7088. It maybe simple.
I have also been interested in making my own FM transmitter, but rather with an IC. Thus, performance in audio quality and range would be better. Does anyone know of any ICs that would fit that category and accomplish what I'd like? I think the OP would be interested in using an IC too, I don't think many external parts would be required.