Need to figure out what type of contract to write up

[Shawn McKee]

I'm buying a house from a guy who already vacated the property. He wants us to pay the mortgage ($600) a month while we are remodeling the house, and when we sell the property to pay off the remaining balance of $74K. The ARV is in the 130 range and it only needs 20K in rehab. What type of contract do I need to type up? And or assigned? Any help would be greatly appreciated. V/R, Shawn

[Debra Grumbach]

I am not an expert at all but I would think that if you buy it direct from him subject to his current mortgage you would be protected and he would be also. If you don't make the mortgage payments he can take it back and he gets the improvements.