Supply is so tight, they need temp space that will give them time find and close on their purchase.

No matter what you do I think you really want to consider renting it out for at least a year to convert the ($130k minus $13k in closing costs, minus $80 cost basis = ) $37k in profit from regular income down to long term capital gains.

Since we didn't necessarily have a say in who takes over the loan after the initial closing I thought we might be stuck with it.

Does anyone see any legal or accounting issues with this plan?  

I have a background in lending, have been a Realtor for 25 years, understand creative financing really well...however in all of my asking about this I have not yet found anyone that has successfully closed a subto in a fully legit way. 

Thanks @Michael Plaks :If brought condo for STR purpose, almost end of the year say in Nov, also purchased all furnitures etc to make it ready for STR. what if it didn't get rented by end of the year, so :Total rented days in year = 0 Toal personl days stay at property  = 0 Does it still qualify for deductions(cost seggrigation, tax, closing cost etc for business use prep), similar to if it was rented (even if for couple days in a year) ?

The issue now is that my accountant says I can't use any of those expenses he has the loan on because I wasn't legally named on mortgage or title.

Purchase price: $305,000 Officially closed on my 2nd property.

So, you may need to work nights & weekends to get jobs done quickly so the transaction closes on time:(Find a decent middle ground JUST SO YOU CAN MAKE CONNECTIONS:)Tell every agent after you finish a job that you're looking for fixer-uppers!!!

Purchase price: $305,000 Officially closed on my 2nd property.