I've never seen anything like this before and thought it was an interesting concept.

Much simpler for both parties. 

I have a basic understanding of the BRRRR concept, definitely the direction I want to go in.

@Vicki Trusselli I'm sorry that you're faced with a tough situation.The concept of private property rights means that the person buying the home you're renting, with very few exceptions, has the right to do with it as he pleases.If for whatever reason, the previous owner was charging you below market rents, that's something that you should be grateful for - but it doesn't mean that the new owner has an obligation to continue to do the same.Market value of rents are dictated the same way a gallon of milk or a used 2010 minivan is. 

I pride myself in my ability to put a deal together, but I can't really think of another strategy that is SIMPLER.

So for the IRS, you just lost over $1,000 more in the year.Also, depreciation is a concept; you don't actually pay for depreciation directly.

Much simpler in you part.

I’m aware of the general concept of probate, but I’m curious if people have experienced extended timelines when pursuing deals like this.

This concept may be groundbreaking - but I also think that people don't respect mortgages any longer. 

Do you have a concept design or are you starting from scratch?