Need help on my deal - subject to taking over mortgage payments

[Josh Braun]

Finally landed my first subject to deal, but I need some help in getting it done.  Scenario is as follows:

• Contract to puchase property will be at current mortgage balance
• Seller is willing for me to assume his mortgage payments and keep the loan in his name, as long as I payoff his loan and get it out of his name within 2 years
• Seller's current loan is an FHA mortgage with PMI
• Property will cash flow and I am buying to rent it out; ARV, current interest rate and numbers all work within my criteria
• My first goal in this deal is to keep this property as one of my holds for cash flow
• My second goal in this deal is to keep from having to put down a 15-20% down payment

Items I need help with:

1. Does anyone have (or point me in the direction for) a purchase and sale agreement contract for subject to deals?
2. How do you handle insurance?
3. After I own the property for 12 months, can I just do a refinance at that point to payoff his loan and get a new loan in my name? Or will the bank treat this as a purchase loan and require the 15-20 downpayment?
4. Any other advice or tips from seasoned investors using this strategy? (besides the due on sale clause, which I know about)

[Josh Braun]

Taking title now. I'm aware of the DOS clause and the risk of that happening. If it did happen I would be prepared to get a mortgage on the property and put the down the required downpayment. However, I'm trying to be creative in this scenario and obtain ownership of the project via subject to, hold onto the property for 6-12 months for seasoning and then do a refinance on the property without any money down. Then keep the property as a rental for long-term.