creative financing - subject to advice

[Alex S.]

Since starting, all my deals I have purchased with my own funds or either with a loan,never any need for creative financing. Now I have a deal that I will need to be creative on, due to how many I am doing right now. I was thinking maybe a subject to. Here is what I am looking for:

Take over existing mortgage

Have property in my name, where I pay the mortgage every month and not have to trust them to do it.  I am aware of the acceleration clause, but this rehab will only take about three weeks max and I will put on market, so hopefully it will be sold by the time the lenders want to enforce it.

I want insurance-as i am coming out of pocket about 15K for repairs, so I want that to be protected

I want it in my name, but at same time I don't know if I want it recorded, because it will be on the market in less than a month and a FHA buyer may be interested in buying and I would have to wait 3 months. Usually I say no FHA buyers in my listing... So should I have it recorded?

Also I told them I would give them an extra 3K once I sell the property.

Last how am I to write the contract? I have my regular contract that my attorney wrote, can I just change the wording to say that I am taking over the existing mortgage or should I just have my attorney to do it?

Thanks in advance for any advice