Seller will finance...help me put this thing together

[Archie Knuckles]

- ARV $350k
- Owes $85k
- Asking retail price
- Seller will consider taking his equity in monthly installments as long as I pay off his underlying loan at closing
- Condition: good, ready to sell
- GREAT highly-desirable area

I'm thinking pay off his underlying loan with private money and simply create a 2nd position note to the seller for his equity.

Since he wants retail this wouldn't be a good one for me to hold, but I'm thinking why not put the deal together and simply assign it to an owner occupant for a down payment/assignment fee. I.E. a "mortgage assignment." The buyer's monthly payment would go to the seller and private lender in a split.

I'm not a big proponent of mortgage assignments but if it's legal and I disclose EVERYTHING to EVERYONE why not.

Any thoughts?