If you are selling the property through a short sale or foreclosure, renting it back is not an option. Every short sale regardless of lender requires the "arms-length transaction" certification that has wording like below:
"The Buyers and Sellers nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as renters or regain ownership of said property at any time after the execution of this short sale transaction. None of the parties shall receive any proceeds from this transaction except the sales commission."
There are certain programs which allow homeowners to stay in home and either rent or buy back. A new supplement to the HAFA guidelines "amends this restriction to allow servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met."
Simon Campbell - http://www.bankforeclosuressale.com