What should I do?

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I found a house in baltimore, 3 brdroom rowhouse, asking 75,000. The neighborhood is on the rize with some houses selling in the 100s. The owner will finance with $12,000 down, and 14% interests only payments. Since the property is a foreclosure it needs to have the previous owners belongs cleaned out, paint and carpet. Does this sound like a good deal? Also, since the owner will hold on to the title until payed off how can I make sure I don't get screwed? What if he wore to not cash my mortgage check and try to foreclose on me? Or what happens when/if he were to pass, does that pass the responsibilities on to his next of kin?