I have a owner that’s is behind on his mortgage and I offer to get him current but exchange my name has to be on the deed. He agreed to it. My question is what is he process of getting the deed put in my name? What are the benefits? When I sell house, will I receive all the profit from the deal?
If you just add your name on the deed then you become tenants-in-common with the owner. You are not extinguishing his ownership and rights to the property.
Without knowing the agreement you have with the owner, its better for you to have your attorney draft a new deed in your name and hold it in escrow. Then sign an option agreement with the owner for your agreed price with the money you’re using to catch up the mortgage payments as option consideration. Have your attorney draft a Memorandum of agreement which you will record so as to cloud the title and prevent the homeowner selling the house or refinancing behind your back.