Create ways to finance a property (need ideas and real examples)

[Michael Halbert]

Hi,

Are there other ways to make deals without use an investor or getting a loan from a bank?

(I have an investor I work with but I just want to add more tools to my tool belt)

So one crazy idea I had, put a voluntary lien on a property in exchange for cash + taking over the current mortgage payment.

What would be my risk here? And is this legal (I'm in Illinois).

Obviously the property would still be in the original owners name and so would the mortgage. If they fill bankruptcy how would this effect me?

Or if their credit card debt goes to collection and they get sued how would that effect me?

Any other creative ways to make deals like the above?

Real world example with figures would be much appreciated. 

Thank you in advance.