Get an agreement with them that they won't call the note by changing the name on the deed and you should be fine. 

@Jason Connolly It sounds like you've already begun educating yourself from your profile.  

We’re actively educating ourselves about real estate investing by reading, listening to podcasts and talking to as many people as we can.

., resident in the forums.Click on the "Education Tab" at the top of the page, and you could be spending many hours on the Information that is available.Raymond

I am currently educating myself on the best tactics for wholesaling property, as well as strategies for buying, holding, and renting properties to generate cash flow.

Definitely check out the Ultimate Beginner's Guide and all the other educational stuff BP has to offer.  

How has the market changed in two years? 

Reading it changed my mind set about working and creating wealth, but didn't give me many tips on how to actually accomplish those goals.

Depending on where the land is (county & state), the reason I say you must get rezoning approval, at least in my area, is to change the use of the land from its defined use on the Master Land Use Plan.Suppose you have 11 acres and the house, and you separate the house with one acre from the balance of the tract leaving a 10 acre parcel of vacant land.

Also, if this owner files bankruptcy that can change everything.