Buying a rental subject to owners existing mortgage

[Vincent M.]

Hi Bigger Pockets 

I am looking to buy my first rental. The property we are looking at is offered subject to the existing owners mortgage of 55,039.00. 

All of the number for cash flow and returns look good. My questions are:

1) Tax deductions: Buying subject to, who gets to write off the interest on the loan since its in his name and who gets to depreciate the property?

2) Is creating a trust to transfer the property to me when the mortgage is payed off the best way to protect myself. 

3) Any advise of what to look out for and avoid would be greatly appreciated. 

Thanks in advance for your input. 

Vince