Need help on my deal - subject to taking over mortgage payments

[Josh Braun]

Finally landed my first subject to deal, but I need some help in getting it done.  Scenario is as follows:

• Contract to puchase property will be at current mortgage balance
• Seller is willing for me to assume his mortgage payments and keep the loan in his name, as long as I payoff his loan and get it out of his name within 2 years
• Seller's current loan is an FHA mortgage with PMI
• Property will cash flow and I am buying to rent it out; ARV, current interest rate and numbers all work within my criteria
• My first goal in this deal is to keep this property as one of my holds for cash flow
• My second goal in this deal is to keep from having to put down a 15-20% down payment

Items I need help with:

1. Does anyone have (or point me in the direction for) a purchase and sale agreement contract for subject to deals?
2. How do you handle insurance?
3. After I own the property for 12 months, can I just do a refinance at that point to payoff his loan and get a new loan in my name? Or will the bank treat this as a purchase loan and require the 15-20 downpayment?
4. Any other advice or tips from seasoned investors using this strategy? (besides the due on sale clause, which I know about)