What is the Best way to secure a inherited property from a friend

[Steven Miller]

Hello Everyone,

I have been given the opportunity to purchase a home that was inherited by a friend of mine. It is a small 2 bed, 1 bath single family in Monterey, CA. The house is paid for and was inherited by my friend free and clear. He is willing to work with me so I am trying to learn the best way to go about setting up a deal of seller finance. The property needs some major rehab as well. I am trying to go the route of having him carry the note until I can rehab the property, get tenants into the property then refinance it after being able to show a consistent cash flow from the property. However, I don't know the legality and contracts needed or recommended for something like this. Any tips, methods, or routes anyone here on bigger Pockets could recommend would be much appreciated. I am new to the game and am still learning the different avenues of approach. Thanks for reading!

Steven Miller