So what you say is that you will find the owners who is in trouble and get the deed from them.
You will explain that you will take over the payments but the neme of the payments will stay the ower’s name.
YES THE LOAN STAYS IN THE SELLERS NAME YOU MAKE THE PAYMENTS
You may tell them that you will start payment two or three month from today (or whatever the period) because you need time to find tenant/buyer of the property.
IF YOU CAN GET AWAY WITH IT - BUT THEY ARE IN TROUBLE - CAN THEY MAKE THOSE PAYMENTS? or DON’T DO THE BUY UNTIL YOU FIND A TENANT BUYER.
Then you will find tenant and check them and have contract with the tenant. If they want to rent/own you will have l/o contract with them. Whatever the case, you will collect the payment, let’s say mortgage payment is $1000 and you collect $1300. The difference, $300, will be your monthly cash flow.
If seller is still worry about the monthly payment, I can offer to open escrow account.
YOU CAN OPEN A BANK ACCOUNT/ESCROW ACCOUNT, WHATEVER TO KEEP SOME CASH IN TO MAKE THE PAYMENT FOR WHEN YOUR T/B DOESN’T PAY OR IS LATE
(1) Can I ask seller to refinance some point? Since the mortgage payment is still seller’s name, I can’t do anything.
THE SELLER DOES NOT OWN THE PROPERTY ANYMORE. IF HE’S GOING TO REFINANCE HE SHOULD DO IT BEFORE YOU GET THE DEED
(2) When seller ask to lender to send the payment book to me, can seller simply tell their lender to send it to me because I took over the payment?
WELL THATS PROBABLY THE RIGHT THING TO DO - BUT IT WILL CAUSE CONCERNS BY THE LENDER AND THEY MAY OPTION TO TAKE THE DUE ON SALE CLAUSE - YOU DON’T WANT TO HANDLE IT THIS WAY. THE SELLER SHOULD INFORM THE BANK THAT YOU ARE HANDLING THEIR ACCOUNT FOR THEM AND EVERYTHING SHOULD BE DIRECTED TO YOU OR SOMETHING SIMILAR.