help! Promissory note.

[Aaron Edmondson]

I could use some guidance here.

I'm looking at a scenario and I'm new, so any ideas or inputs would  be great.

I know a guy ready to give his house over to the bank because he is going broke.

I'd like to try and buy his house for a great deal and make it a rental and I'm trying to think of the best technique. 

since Interest rates are high right now, I dont wanna open a new loan and get locked in at a high interest rate on a potentially long loan. so I was thinking about that promissory note idea. where I promise him to pay his loan payment and it stays in his name, assuming he has a better interest rate than what I could get. 

any ideas on that tactic?