I Want to Assume a Loan on my uncle's home!!!

[Joe Melendez]

Hi BP! I NEED YOUR HELP!!! This is my first time starting a discussion, but there is no better place to go for good, straightforward, and reliable info. I just became a pro for this deal, so here goes...

My I've been living with my uncle for a year now and it has come to my attention that my uncle is tired of his home. He approached me about possibly selling to me, but he really doesn't have much EQ in the home, roughly about 25k. Here is my problem, I really cannot prove income other than bank statements that show regular cash deposits. My credit is above 720 and I don't have any debt. He is open to me cashing out his EQ and just taking over payments, which I would love to do and can afford with no issues. Especially because my aged mother wants to move in with me so I can take care of her.  she has her retirement but also has poor credit. So here is my question, is it possible for me to give my uncle 20k, have the deed changed to my name and just start to make the mortgage payments (of $850) out my checking until I can refinance? I just started a business about 2 months ago. So it may take me at least 2yrs. before I can refinance. What are the pitfalls of doing this? What contracts would I want to use? Or is anyone local that like to be compensated for their time that can walk me through this? It would be my first real estate deal. Whatever you can through my way will be a HUGE HELP.

Thanks BP Pees!