Even assuming you paid cash and had NO capital expenditures and did NO necessary renovations, the $240K purchase price would put you at a 4.5% cash-on-cash return!

When I converted my SFH from primary residence to rental, the process was surprisingly "turnkey" from what I recall.

Purchase price: $310,000 Cash invested: $15,000 Sale price: $425,000 Contributors: Peter Vekselman Partner Driven, in collaboration with Seth Choate, successfully completed a fix-and-flip on Carriage Lane, Oakdale, CA.

Most work this way Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

This means that these purchases are negative thousands of dollars per month.  

Aloha Russell,I purchased a property in a floodway in Honolulu Hawaii.

There is a process that is extremely hairy and complicated called a lease hold exchange where you sell your property to a related party and then lease it back after 180 days. 

Just do Delayed Financing on the purchase.

is there a way during the purchase process where beneficiaries can be added?

Most of the lenders have a minimum of 50k per door and 100k minimum of as-is value limit for rental purchase.