Question regarding Subject To/ Wrap Around

[Ramon Mendoza]

I have a question regarding a property that I'm looking to buy. The property owner is asking $300,000 for the property, but owes $160,000 on a property that they purchased using owner financing. $300,000 cash is a lot to ask for in this market. Would it be feasible/legal to but the property for $300,000 but offer $140,000 down for them to walk away with, and they walk away with exactly how much they want, but assume the $160,000 loan via sub to, or wrap around mortgage, so long as they are open to the terms? This would give me the flexibility to give the owner what they want to walk away with, and have ownership of the property, but I just want to make sure that this is an option in Texas. Thank you so much for your help!