Owner Financed Rehab and JV

[David Roberts]

Has anyone ever done this.. Need advice.  We are trying to help a homeowner that has a flooded home and wanting to walk away but kill his credit and be foreclosed on.

1 Seller Finance 

2. Owner Holds the note

3. I would agree to pay late mortgage payments and save owners credit and stop foreclosure.

4. I would pay for the rehab

5. We would sell after rehab then split the profit based on an agreed amount/%.

How would you structure this contractually?  Any legal issues you can think of?

Thanks in advance!