Subject to Help

[Brit Foshee]

I know there's a ton of good threads on SUB -TO and I've listened to all the podcasts, but on my first sub 2 deal and I have a few questions.

1) I'm in Florida

2) Home is worth about $115,000

3) Needs about $5,000 in work. (Paint, carpet)

4) The homeowner owes about $85,000 on the note and another $10,000 in fees

5) Monthly paymen PITI is $700

6) Market Rents are $1,000

Does everyone like this for SUB 2 ?

So I'll have to bring the note up to date.  When does that happen ? Do I do that after the close ? 

I plan on getting a rent to owner which should recoup most the cash I have invested. 

What do I need to get the owner to sign ? 

What are some common formalities I may be missing ?