What happens if he can’t get it financed? He now has it deeded to him and you are stuck with the mortgage in your name. Also, I think if he stopped paying you’d need to forclose rather than evict if that were to happen. Also, I don’t see what benefit that would give him or you over just doing a straight purchase.
If I am reading this properly you could do a land contract or lease option refinance depending on your State. It works just like a regular refinance with the primary difference being you would provide the payoff as if you were their current lender.
The loan options will be based off of their parameters. (Credit, Income, etc.)
In order to complete this type of scenario they will need:
last 12 months of cancelled checks showing “mortgage” payments to you.
a copy of the Lease Option/land contract agreement signed by all parties.