Takeover existing Land-Contract and create 2nd Land contract

[Kyle Aho]

Hello BP Community, 

We reached out to Pace (subto) specialist and did get confirmation this scenario was possible. Possible, but not simple. Now we would like to structure the agreement the right way. We have done land contracts in the past, but never assumed an existing land contract. The current owner of the property has the property under land contract with 4 remaining years on contract. He would like to sell the property while minimizing his tax liability, which ideally would be an additional land contract to our company. We have agreeable terms. 

What is the best legal structure to assume his existing land contract while either concurrently paying him or writing up a 2nd land contract to the seller past the 4 years on the current land contract?

If someone has a REI attorney in Michigan that has worked with this scenario we would also love a recommendation. Thank you in advance.