Purchase Strategy

[Trevor Sambrano]

I currently put an offer in on what is soon to be my primary residence, and will be moving out of my current rental home that I've been in for the past 5 years. 2 years ago the owner of the rental, who has owned the house since it was built 10 years ago, disclosed that he wanted to get rid of the home and said he would be happy if he could simply break even. 

What I would like to do is transfer title and take over the home in my name (or LLC if I can get set up in time). It's a great rental and could bring in positive cash flow of at least $500/mo. if I can take over the mortgage. Any suggestions on how to approach the deal? I haven't heard anything new for 2 years so I am not sure if he has changed his mind, wants to make money, or simply transfer the loan. I know he is not hurting for $$ but does not enjoy being a Land Lord.

If it were you in this situation, what would you do to acquire the property?