wrap, sub2-- underlying assumable mortgage negative flow to owner

[Tim Dailey]

Hi Friends and Colleagues,

Looking for some advice on the following property:

Physical and Market Characteristics: small farm house, unique in desirable area, long DOM for sale short DOM for rental due to schools. ARV is 350.

I have the opportunity to buy property for 300k on wrap (kinda) 30yr, principle only. Total PITI 1500 my payment.

Underlying mortgage is 205k balance 13 years assumable PITI is 2500/mo…so seller intends to go -1000 month until the underlying mortgage is paid and his heirs are able to reap the +833 principle for the remaining 17 years.

Property Cash Flows on my end.

How do I mitigate the risk his side defaulting on the underlying mortgage?

Thanks,

Tim