You'll get a lot of great input here but there's no substitution for a good agent on your side--especially when you're green!

The downside is restrictive guidelines, a ton of paperwork, lack of flexibility.Commercial types of financing have pros that are flexibility in guidelines and structure you can do all sorts of stuff from substitution of collateral to partial lien releases on blanket commercial mortgages to cross collateralization and many others, less documentation than conventional financing products, use of debt coverage ratio (DCR) as opposed to Debt to income (DTI) and if you compare DCR to DTI the commercial lenders go up to 80% DTI since the reverse of 1.25x DCR is .80 or 80%.There are downsides to commercial financing and that is the convenants with in the mortgage note that can allow the lender to call the note so make sure to read all the definitions for what substantiates a "default," by the lender you'll be surprised by the definitions and language at times. 

Details of that lease can be found at tomveatch.com/re and you might also be interested in the Substitution Addendum which is similar but allows groups of tenants to replace themselves gradually, so that no new lease agreement (other than a one-page Substitution Addendum) needs to be worked out if someone wants to move out and the group has a good replacement person ready to go and the switchover can be done in good order. 

I just moved to using Cozy (automatic charges ACH for late fees) and will actually be decreasing my deposit to 75% of the rent so it's clear when they have not paid their rent and cannot just simply substitute the deposit for rent.   

IMO they have difficult jobs but what I tell my clients is that it's like substitute school teachers.... you don't know who you're going to get and you don't know what kind of mood they are going to be in. 

There is an option that you take your return to an IRS office, submit it to them there, have them stamp it received, and that will substitute for the tax transcripts. 

It seems as though you could work with the Seller (based on what you said, seems like a good person that wants to do right by everyone involved) to have him/her provide your lease (with the current owner's information substituted for your own) for tenant signatures, set to take effect once the current lease expires.

One advantage is hard work can substitute for some of the  money.

You have to be unique, so others can’t reproduce what you’ve created.Non-substitutable is similar to rarity, but it also means that what your posting is relatively impossible to be replaced by something new.

A recorded Substitution of Trustee and Reconveyance (Sub & Recon) terminates the note and deed of trust.Odd that title said they were done.