Help with Taking Control of Property in California

[Dennis Juanir]

I am considering purchasing a California property from a friend who is planning to move out of state. The ARV of the property is $325K. The property still has a $200K mortgage. The equity is about $100K. I am thinking of giving my friend $100K to take control of the property, assume the mortgage for a year or two, rehab, rent for the duration, then sell the property.

1. I would like to ask your advice as to how or what should be the content of the contract with my friend.
2. Should I put the title of the property under an LLC?
3. When it comes time to sell, do I still involve my friend in the signing of documents at close of escrow?

Thank you!