Tenants in Common rehab agreement

[Rich Hupper]

Hello fellow innovators. 

I have a seller who is interested in selling his condo. He bought it back in 2011 for 93,000 with no mortgage. He claims he put 10,000 into it. He also claims he had an offer for 106,000 a few months ago when he had it listed. 

After thorough analysis of similar condos in a .5 mile radius. ARV comps are at $140,000.00. I would not be willing to offer him more than $85,000, because it would take $20,000. to get it sold at $140,000.

With that being said I would like to structure an agreement that may be more beneficial for both parties and present it to the seller in addition to my cash offer of $85,000.

This agreement would put me on deed and give me full power of possession and sale. The seller would need to move out. After this I would be able to start rehab. With this agreement I would not have to outlay as much money for acquisition. I know I would need to spend money for title research and drafting of the agreement. However I wouldn't have to over extend my credit. 

The seller would be entitled to an agreed number say $90,000, and I would be entitled to the difference between that number and the sale price.

Would a tenants in common agreement be the best way to execute this plan?