What could go wrong with this Subject To?

[Jonathan Hayek]

I've never done a Sub To so I'd welcome any insights. 

I have a lead from a guy about to be foreclosed on. Set for January 25. He owes 222k on his loan and $12,500 immediately. He's paid nothing since June. The house is worth worth $275k as is, $350k after cleanup and updating. 

My idea is to give him some cash (maybe $10k) take over his loan and get him up to date, clean up the house and resell. I haven't seen the house yet but I will tomorrow. 

What could go wrong?

Any leads on a Subject To Contract would also be helpful. 

Thanks!