Buying Question Sub 2 on a Loan Mod

[Mario Lancioni]

Hi-

2 Scenarios with seller willing to give me their property sub 2 mortgage. 

 situation 1, owner has a home $40,000 in rears but the lender is willing to do a loan mod.  

situation 2, owner has a lien from HUD for $17,000 and a loan balance of $40,000.

Both deals make sense, no renovation needed, strictly taking over mortgages and renting out because cash flow make sense.  

 My questions are: 

-Should I have the seller sign a deed over one to a land trust but not record it unit a later date? 

-should I have a living Will drafted and signed by seller leaving me the home but keeping it in their name due to loan mod or existing loans in place? 

-Draft a promissory note I will pay the mortgage without removing the seller from the note?

Thanks!!