Hybrid Novation Advice

[Sonja Revells]

Hello, Does anyone have advice or pros. vs. cons on novation agreements? 

I "think" what I am contemplating is technically called a hybrid novation, please let me know if not. 

I am talking with a seller that wants more than what I feel comfortable getting a pml or hml for in addition to repairs.  He does not want to do a seller finance (the house is paid off).  The home needs about $100,000 in repairs.  

 If I had the repairs done, then we listed it on the mls and split the profit, is that called a novation, or something different?   

If anyone reading this has done one of these, what advice do you have?  TIA   :)