Property being sold as seller financing during divorce?

[Emilio Pereira]

Good Afternoon All,

I have a property which I'm trying to acquire, but the owner is in a little of mess. Wondering if I could get some guidance on how to go about this situation.

The seller has a property that he is trying to get rid of because he is going through a divorce and can no longer pay the mortgage on this property. He is the only person on title but of course in the State of Florida when you are married, the significant other is owed 50% of everything that is owned between the two of them. I want to come in and obtain this property through a seller financing strategy to basically buy the property from him, rehab the property, and sell the property for the top ARV value. I would like some guidance on how to approach this. He is very desperate to get rid of this property but me coming in on the sidelines with no knowledge of the divorce, want to make sure I'm doing everything in my power to make sure I'm protected in this deal.

I was thinking about structuring a deal as follows:

he owes the 1st mortgage $211k

I was going to go in and give him $5k entry fee at the sale price of $235k.

I need about 5-6 months to rehab the property, list it, and sell it off for the projected 375k.

any guidance on how to structure this would be highly appreciated as I want to make sure that when this property sells he is only entitled to the $235k price, which $211 will be going to the mortgage pay off and remaining in his/and his future ex wife pocket. 

I would make sure I would be the only one entitled to the difference of the 375/235 price because again he is going through a divorce and don't want to get into a mess where the significant other is trying to gain profits from that sale price.  let me know if anyone has any guidance!! thank you all!