Taking over a property subject to, but need money for repairs

[Tina Thompson]

Hi there! I have a property that we may buy "subject to" existing mortgage. However I need about 25k to pay the arrears, & fix it up. We are planning to do a live in flip. I am trying to find a private money lender for the 25k. 

So...would I title the property in my name and the private lenders name? Or should the private lender somehow lien the property? I know putting them in second position is pretty much worthless if we default (not that we would of course). Basically, I am trying to secure the private money lenders interest in the property so everyone is comfortable with the arrangement.

Thanks!