Complex, high-rate dynamic structures, such as hypersonic air vehicles, space structures, and weapon systems, require structural health monitoring (SHM) methods that can detect and characterize damage or a change in the system’s configuration on the order of microseconds. While high-rate SHM methods are an area of current research, there are no benchmark experiments for validating these algorithms. This paper outlines the design of an experimental test bed with user-selectable parameters that can change rapidly during the system’s response to external forces. The test bed consists of a cantilever beam with electronically detachable added masses and roller constrains that move along the beam. Both controllable system changes can simulate system damage. Experimental results from the test bed are shown in both fixed and changing configurations. A sliding mode observer with a recursive least squares parameter estimator is demonstrated that can track the system’s states and changes in its first natural frequency.