Subject-to information

[Clay B.]

Hello All,
I have been investing in real estate for the last 10 years and use all the properties as single family rentals. A friend of mine recently approached me about selling a house to me that him and his wife lived in before they purchased their new home. They tried to sell it conventially but did not get any offers. He doesn't want to deal with it anymore. He basically just wants me to take over the payments and doesn't want any cash. I currently have my properties in an LLC and would want this one in there as well. I beleive that a Subject-to deal would be the way to go. I am looking for information on how this type of deal works. The property is in Michigan. His insurance and property taxes are in escrow with the finance company. How would I go about claiming these on my taxes? I would also like to know if there are sample "Subject-to" contracts available to view anywhere.
Thanks in advance for any information on this,
Clay