What you're looking for is typically a Purchase and Sale agreement, Assignment contract, and a modified contract for double closings. 

Looking for a few people's opinion so i can modify or solidify mine.

@Deanna McCormickTaking your advice creates many more issues for the landlord and solves none-The lease cannot be modified unless all parties are in agreement including the tenant that vacated- The remaining tenant also has an undivided interest in the deposit .

I took a contract that I got in an investing course years ago and have modified it continually as I learn more.

These in reality are rare, they are not something for some newbie or even a 5 year operator to try to do as their main business in most markets, you will waste your time and starve trying to go elephant hunting.Getting stuck or even trying to start in one strategy is a big mistake, start with the basics, get a good foundation of conventional transactions, how retail works, from there you can begin to modify aspects of a situation to employ tactics that can make a deal.

Also throwing this in the discussion for any visitors who are looking for creative solutions-- Jim, if you get the note reperforming, you could hypothecate it by using it to collateralize a loan or just sell off a partial of the modified loan for a return of capital.

Single Room Occupancy (SRO) or PadSplit / CoLiving are able to make a ton of income, especially if you modify the house with a couple extra bedrooms. 

You may still have to deal with a lender for acquisition and construction and then modify your loan assuming your dealing with a local bank. 

The activity is essentially no longer subject to the passive activity rules, so even if your modified AGI exceeds $150,000, you can take the suspended losses in year of sale.

Some lenders modify their seasoning requirements according to how you bought the house.For example, if you bought the home with cash, then most lenders will require 6 months or even 1 year seasoning.On the other hand, if you bought the property via a loan (and thus went through a formal underwriting and appraisal process) then a few lenders offer as little as 90-days seasoning in such cases.