Trying to make sense of a deal

[Sean Verchick]

Trying to make sense of a deal right now and something hit me last night. Probably not the right property for a BRRR which I originally was thinking but could potentially be a good flip. Trying to find a creative way to partner with the owner, owner is retiring and won't be able to hold it.

Needs quite a bit of rehab. Wondering if there is a way to move him out, take over the payments, rehab, list, and do some sort of profit share at the end of sale. Could be a sub2 deal but I’m not so familiar with the process and curious of the best way to finance the rehab.

Can someone lend some advice? 

UPDATE: Connected with an RE attorney friend and he said Sub2 is not a thing anymore in DE.