Owner willing to do Owner financing or be creative

[Sebastian Marroquin]

My name is Sebastian: I am a realtor in Pasadena, CA. I met a guy about 7 years ago that wanted to sell his home in Compton, CA. 

Fast forward to yesterday, 7 years later, he randomly comes into my office and wanted to talk to me. 

Long story short: he proposed to me that I take over his home (not to own it) but to fix it and rent it out. All he wants is, $1000.00 per month and what ever I get for the home on top of that is mine. 

He is ok with drafting any contracts we want as long as they are fair and ethical. He is also ok with renting it and paying my renovation expense first and once that is paid (say $10k ) then he wants his $1,000 per month. He is leaving the country and only coming back once a year he says. 

He is also willing to take $350k and hold paper for any combination of numbers that makes sense. 

I like the proposed plan on top, but I have no ownership in the property. 

Since he would have to pay taxes on any monies on top of $250k (he is a single man): I'm thinking of proposing - I buy the home for $250k with financing - and he can hold $100k (owner financing)- this way i have ownership. 

He caught me off guard.... what would you do? what would you proposed? 

(the home has no liens, no clouds on title, no debt associated with it: he does not have a mortgage on it).

Suggestions?