1st Subject-to deal Help with which form is best?

[Bryan Winter]

Hello i was wondering what was the best way to go to do this deal. Not sure if i use a purchase and sale agreement or create a new deed ?

Deal= small home on 1 acre, owner has only a home equity loan -interest only for 35,000 payments are $214.00 monthly. as-is value is approx $45-50,000. Owner has agreed to give me the property and take over payments. home is in good condition and i am going to RTO. He has built his new home and now this one sits empty.

I can rent this home for 500 to 600 a month plus an option payment of 2-3,000 down. He has agreed to the payments for 3 years until i find a buyer, with a balloon at the end.

Taxes are currently only 85.00 per year (yes not a typo) lol and insurance is $300 a year. any thoughts good or bad . Need an easy form to use that they can understand! New blank deed form or purchase and sale agreement?