Creative Financing for rental with existing mortgage

[Tia Rubadeau]

Looking for any suggestions, feedback, cautions regarding this potential deal:

Very motivated seller, currently living out of state with health issues and is tired of trying to sell (we've been watching it for about 6 mos and had originally talked to him when he was at 80k)

Originally listed at 80k, reduced to 65k. Existing mortgage is 55k. Conservative ARV approximately 90k.

Needs some minor cosmetic work to be rent ready (clean, paint, yardwork, fix front porch that HO removed and spruce up the kitchen and bath a little), we have experience in this area and could do it ourselves in 2-3 weeks.  Rent estimate around 1100/mo.

HO is willing to let us continue to make payments on mortgage, put a tenant in and pay off within 12 months with no down.  We do have money in reserve for unexpecteds (but not 65k). We've never done a creative financing deal like this so I'm wondering what I'm missing, what is our risk (seems minimal other than materials/labor...), how do I draft a proposal of what we are trying to do to take to our attorney, etc?

Thank you!!