Ways to structure Subject To deals with your PML

[Teresa M.]

Ok, so I've never done a subject to deal, so could someone explain it like I'm a super-smart kindergartener? :) lol

What are the contracts needed? 

Who's on the deed? 

Is it quick-claimed to me by the seller? 

How do I get permission to talk to the bank to MAKE SURE what they owe without a red flag?

Is there another way for the PML to be more secure than a 2nd position, as in...can you form an LLC or privacy trust you and your PML own together so we're on the deed together? Or are we on the deed?

Promissory note, yes...but how do we do the insurance as a loss payee? Is it a builder's risk policy they are on?

Anything else I'm missing? PLEASE share what you know and all the creative ways these can be structured! 

Thank you all so much in advance :)