Looking for advice here. I have a friend who moved across the country and wants out of his old house, due to some bad rental experience. He is going to sell it to me for what he owes left on his loan. It appraises at 20k more. The problem im having is my credit and credit cards are not in good shape right now. I have a co-signer but with this FHA loan im getting, i need all these requirements that will take me months to meet and im worried i will miss out on the deal. Ive been googling things like "Quit Claim Deed" or "Transfering title and taking over mortgage" really anything to help get this deal done ASAP without going down this loan process. Any one with experience with this situation? I know some of you seasoned real estaters might be smirking at this, but please take it easy on me, im new at this lol :/

With some of the things you searched on, I believe you're talking about a "Sub 2". The problem is pulling it off. And if I'm the seller, moving cross country, I'll be worried about someone not keeping up with the mortgage payments which you're be making.

If you think you just need some time to fix your credit, eventually, you can do a lease with option to buy. A long term version of this approach is a "Long term triple net lease", also known as NNN, minimum term of 30 years, with option to buy. With NNN you can get a mortgage.

But for your situation, lease with option to buy is the best fit.