Unique deal with seller who owes more than property value

[Marco Calderon]

I have a seller that owes too much on his loan for a SFR-rental (in Chicago, IL) that brings in $1500 monthly via Section 8. The problem is he bought in the RE boom in 2008 and owes too much. He does however have a 40yr mortgage at 1% and is up to date. He only pays $950 a month not including expenses. He just wants out without any out of pocket expenses.

Does anyone have experience with these kind of deals??? How would you structure AND close it???