Novation Agreement Sturcture

[Evelyn Tilman]

I have a seller that was trying to flip a home and gave up on it. I am wanting to do a novation to finish the rehab. I believe he week agree due to our relationship and his circumstances.

I have heard a detailed scope of work helps.

I also know I need to put a lien and have a POA to handle the asset.

Now, do I pay utilities and mortgage during this period?

How is the profit split?

I appreciate any insight.