Lease/O Or Subj 2
Have a 4/2 that needs $6000 in repairs with monthly payments @550.00 and are current. Balance on first is $72 G FMV is $95 G with no other liens. Owner wants to move out of state and wants me to take over payments. What would be best fit? Also best way to protect me after I do repairs so that owner cannot come back into picture. What is best way to handle Homeowners Ins. so as not to trigger DOS at this time. I can refi but that defeats purpose of a creative investor.
Thanks for help. 
If you are assuming the loan, then your name would go on the title and you will be rid of the seller. If you are just making payments in his name, then have the seller agree for you to put a second loan on the property for the equity, insuring that you get what you came for, should he become problematic later. Also depending on the interest rates you are paying, it may be advantageous to refinance if your rates will be better and get a better cash flow.
Good Luck,
Kyle
Get the deed! Warrentee or Quit Claim. That way they cant have the house due to no stake in the www.property.Convert the insurance to NOO or Landlord.
There is the short answer.
Sire