Help...STRUCTURING this unique deal ???

This out of state owner has had his property on the market for quite some time without selling.

I am going to occupy and maintain the property paying 50% of mortgage for 18-24months after which time we will put back on market and do an equity split-60/40 since there is existing equity.

I’m thinking of doing a modified lease/purchase agreement,or…?
specifying these terms, and maybe having him execute a quit claim deed to me for 40% to be held in escrow.

Please advise if you have another approach.

Create a partnership with those terms. You fund it with sweat equity and cash. He funds it with the property and cash. It is sold at the end of the term and the partnership dissolves.

how much equity ? what are the payments…?
Will he take what he owes for the property ?

if your paying 50% and he dosent pay his share its going to foreclosure but your getting a cheap place to stay… get a option that states when payment isnt made for one mo. or is late you accelerate your option to now! and get it for the owed balance of mortgage or as close to as possible…

This is my idea… any good, i hope…

Mohegan :beer