Out of state partner question.
I have a time-sensitive out of state lead where an investor son wants to buy the owner mom's house in arrears. She'll hold a silent second for me bringing the loan current and I'll be a 50/50 equity partner. What are my risks and their solutions?
For example, he'll put me on the deed, but that just exposes me to him potentially abandoning the property and leaving me with the full mtg obligation. Or the due on sale clause kicks in. What do I need to consider and how do I protect myself if I do this?
That said, would you take a small 26k 2nd on a 435k ARV buy hold for 50% equity with current purchase/rehab = 75% ARV? If so, how do you protect yourself?