The only reason we'd like to be renting is to go back into the market as a cash buyer rather than subject to the sale of the current home and so we're not rushed into a purchase.

This strategy is difficult to do even more difficult considering an out of state buyer. 

@David Flanders It's a problem with conventional Fannie Mae lenders, Truthfully I don't know their reluctance other than they want the buyer to be personally responsible.

There is a first time home buyer program in this area.

That is a pretty small town, assuming it is a good deal which I'm not totally convinced that it is, you might put in some calls to the buyers or buyer's agents of other rental properties in the area or even ones that have recently been listed for rent.

It's a solid deal but I don't have a buyers list, sort of stumbled on to this deal, then shopped it around to real estate agents as a pocket listing and offered a 3% BAC.  

(I'm in the northeast, prices are high yes, but stay with me...).The sellers numbers that they are presenting (water, electric, maintenance, mgt etc) in hopes of making this deal LOOK ENTICING TO A BUYER show that after financing the new owner at this price would be left with about a $10,000 annual LOSS!!

The buyer pulled a fast one at closing ended up getting a mortgage from a private party. 

You could end up with a buyer making a contingent offer on you getting it rezoned commercial.  

It get's dicey when the buyer gets greedy.