Buying friends rental property with no cash

[James Isaacs]

My friend decided he would like to get out of his rental property. He has decided this because he is heavily in debt with bad credit and he needs the money. He has equity, but the amount he would end up with, after all the costs associated with selling the house, would not be worth it. Refinancing is also not an option. Since his credit is bad, and he no longer lives in the house, the interest rate would raise his payment past the income from rent. I offered to purchase the property, but only if I could get a specific loan. I want an all in one loan, because 75% of the equity is liquid. If I were able to refinance, that would give me enough room to pay him out an amount he would need, without raising the mortgage too high, but there is a problem. The bank requires a 12 month seasoning with the current mortgage. If I transfer the deed to my business or trust, does it matter who’s name is on the mortgage for seasoning purposes. The common sense answer says yes but I’m not sure. Does having my name, company name, or trust on the deed give me the right to refinance, regardless of who’s name is on the original mortgage?