Any agent who gets involved in this is a dumbass..An agent, who belonged to one of the MLS I do, was offering this type of arrangement up to investors on BP. 

If the tenant signed a 12-month lease, the "last month's rent" belongs to the 11th month, not the 5th.

Use this account to hold the tenant's deposit (it belongs to them, not you) in savings and don't spend it.Don't mix your personal funds with your investment funds.

The heir needs some time to collect belongings.

If you replace the big ticket items with the rehab you can assume there life expectancy will be longer.

I belong to the organization and so do about 60,000 plus members or more worldwide.

Often it will be temporary, but temporary is relative and may be longer than you want.

The leases tend to be longer, which hopefully minimized your turn over.  

If a tenant's belongings are damaged because of a large leak in the roof top AC unit which is obviously the landlord's responsibility...

They will code the property, the category it belongs to, and pass that to the accounting department.If you hire a general bookkeeper, you might see that problem of coding it completely wrong versus someone that focuses mainly on real estate.To give you a bit of an insight, I am a developmental controller and I am currently handling over $200 Million in transactions for residential/developments.