I'm looking to learn if something is legit or not.

We recently were approached by someone looking to buy our rental property. When I stated my price, he said it was a little north of what they could do a cash offer on, but that they would likely be able to write us a check for a little more than our principal, then enter into an agreement where they take over our mortgage and pay it through a title company/escrow. In the event that they fail to pay, our name is still on the title and the house would be returned to us. When I asked what their motivation for doing this was, they said they will continue to rent it out, then sell it when they get enough principal to turn a profit.

From what I know about real estate investing, this seems legit. The only downside I can think of is they abuse the property over time, then fail to make payment and it is returned to me needing significant repairs. But even in this case we would essentially be getting the property for 25% off.

Obviously we would lawyer up before doing anything, but I wanted to get a legit check on this.