You'd put down a non-refundable deposit (part of the eventual down payment) and then rent the house/unit until either the strike date on the contract or the person purchases the property prior to the strike date.Once the date comes, you would enter a PA (fully execute the lease agreement) and sell the house.

We have an accountant helping with our taxes this first year so that we get all of the depreciation, etc. set up properly going forward.We bought the home in 1997 and since that original purchase have made a dozen or so improvements (prior to moving and making it available for rent).

The prior owners purchased it as a rental property a couple years ago for $60,000 and actually had it successfully rented out, but they live about 2 hours away and were unable to manage it successfully resulting in it being trashed.

You might as well recognize that a buyer will sooner of later learn of any prior death.

For investment property, the 1031 exchange still exists, but if you read through the article, it doesn't apply to your situation.The $250K exclusion is for homes you live in, for 2 of 5 years prior to sale.

Of course, if you have prior relationships with someone whose judgment and ability you trust is actually local to where you are looking, then you have a bigger advantage.The fact of being thousands of miles away from a property you own was something I could not overcome, at least in my mind.

Closest are these:Sept 2013 sold for 35k, listed 1 year prior for 19.5 and did not sell.

I simply give them 60 day notice of the rent increase prior to the expiration of their current lease and I keep the increase well within the market rates.

I've got a prior obligation that day, but I really appreciate it.

Generally a lender won't finance the sale of ORE.First issue is amounts received above the book value go to the prior owner, that means making a loan and then disbursing loan proceeds to the foreclosed upon borrower, won't happen, IMO.If the bank is beyond this issue with the borrower, they don't lend on properties that they got taking the risk of getting the same property back and going through the same pain again.