We have a second home that we are about to sell. We have owned it 4 years It is currently worth about $50000 less than what we paid.

I wonder if I structure the deal as a rent to buy agreement whether I will be able to claim capital losses. I propose to sign a rent to buy agreement with rent paid in 2012 and close on property in 2013. Rent would be for 4.5 months.
I would be responsible for taxes, insurance, upkeep etc. I would take appropriate deductions, depreciation and claim rental income. Is this an appropriate structuring of the sale or will IRS challenge me? Thanks