Questions about a master lease opportunity

[Rodney Sums]

I posted this in another category, thought it may be better suited here:

A good friend of mine owns a condo free and clear. They are unfortunately way behind on HOA dues which resulted in a lien. They are also behind on property taxes. They don't have the credit or cash to do anything about it and aren't very interested in selling at a discount to an investor on the cheap. Market value between 150k-180k using extreme low and hi numbers. They have been living in it and had trouble selling it on the market. It has however been fully rehabbed already. The property sits at the end of a mesa with panoramic view of the city. I offered to step in and buy it real cheap to take care of the debts then turn around and sell retail recouping my part plus a share of the proceeds but thought that might get expensive with two transactions. I recommended a master lease idea where I'd come in and pay off the debts, then rent it out for a period of years. My friend and I could share the cash flow. I would of course want to be on the title to recoup my initial investment once they are ready to sell it. It's going to take around 15k to satisfy the debts.

Any tips or advice would be greatly appreciated. I've read about this strategy but this would be my first time attempting it. I do realize a real estate atty will be necessary.