Re: Looking for a good real estate forum
We did something like you propose on a home we bought, but for a much shorter period of time ...
Former homeowner needed to stay in their home about 60 days after the sale, but needed the cash now ... had a home being built. We just reduced the home price by the market rents (times 2 months), with some adjustment for time value of money. Worked for both of us ... we were in a cash position where this was no big deal, and the lower home price meant lower real estate taxes (which are a killer in the Dallas, TX area). They got the cash they needed, and a roof over their heads. We structured a fair deal that worked for both sides.
Your deal is tough because it is so long a period ... not only a practical challenge, but the IRS could attack the substance of such a sale-leaseback as well. Still ... for an aggressive taxpayer, might get away with this ... upsides to the buyer are: lower price to buy your condo, lower real estate taxes based on that price (your neighbors won't like it ...), and renter who should take care of the place. Downside is no cash flow per se ... though you might get creative with a carryback for the downstroke, and mitigate that issue. Your upside is a lease signed coincident with a closing now, at the reduced rent appropriate for your goal of taking advantage of the low interest rate. Could be done.
Perhaps there is an investor here for you that would fill the bill. Check your PM.