In this form, the owner changes the VESTING of the title, NOT the ownership================================This QUIT CLAIM DEED, executed this ____ day of _______________, _________The undersigned grantors declare Tax parcel No ____________________ Documentary transfer tax is $0.00, City Tax is $0.00For valuable consideration of the sum $ZERO Dollars ($0.00) paid to and receipt is acknowledged by{FROM} <current owner>, <current vesting>Hereby remise, release and forever QUIT CLAIM to{TO} <some owner>, <new vesting:Husband and Wife as Community Property>The following described real property {legal description}<whatever>IN WITNESS THEREOF, the said grantors have signed and sealed these presents on this day and year...-- followed by the Notary Seal and Signatures --(example is illustrative ONLY and should not be considered as correct for legal use)

The typical is a TRUST, with subordinate trustees, all siblings as beneficiaries, but must be done by the parents before demise.Seek legal counsel, but suggest a family member as a trustee, as the banks will rob you blind with fees.

Obviously, I am not looking for actual legal advice, just curious if anyone has ever attempted this. 

In my timber days I looked at one 8 acre property out of felton that had over 2 million board feet of redwood on it.. at 1000 a thousand that's 2 million in timber... but the greenies we could never get a cutting permit.. and had to decamp to Oregon.. to put it in perspective in the commercial douglas fir timber grounds you need close to 80 acres to get the same MBF yield.. there are legal lots of record up virtually every drainage coming out of santa cruz and going up the coast towards half moon bay and along skyline..

This is a legal question, but unless NY is weird in a way I'm not familiar with, you should be able to do this by wholesaling; namely, getting a property under contract and then assigning that contract to the end buyer.

Net/net, I'd look at it from a tax perspective and seek legal advice to see what you can do to protect yourself more if you're not happy with your E&O coverages.  

If you're dealing with a portfolio lender the timeline may be shorter.Is this a legal duplex? 

@Art MaydanI was originally pre-approved for about the same amount but ended up closing (TODAY) on a 4 flat (legal 3) in Lincoln Square that hit the FHA loan limit and all because the property had such strong market rent.

Per NC law, you legally need to give 30 days notice to any month to month tenant to vacate (it may actually be legally less, but this is best practice). 

Don't forget that you may also need to upgrade the smoke alarm system, which may need to be tied into the electrical system (hardwired) for a legal rental property