Quit Claim Deed to be used as Creative Financing.

[Oraude Boston]

GA BP: I Guess this would be some kind of seller financing/creative financing and need solid advice. So I have a seller who lives out of state in Florida and own a bunch of real estate in New Jersey. I've closed one deal with him already via regular wholesale and built a relationship. He now wants to sell 4 Properties to me using a Quit Claim Deed. Our Discussion suggests I won't have to pay for any repairs as he is doing that on all 4 properties already, nor pay anything out of pockets. Combined all 4 properties are worth $580k-$590k and is upside down combined approx $150k. What he suggests and is looking for is for someone local to take over the properties Via: -Quit claim Deed -Get all 4 properties rented. -Make the Mortgage payments as necessary (He will continue to make mortgage payments until I find Tenants) - split cash flow with him on all 4 properties. - Our agreement will run Simultaneously with Mortgage term. -I can pay off home at anytime or when mortgage term finishes property becomes mine. *Downside: This will be a upside down portfolio. Upside: possible can produce some good cash flow and it's no money out my pockets. Im awaiting all details and mortgage payments. Thanks for any input.