Nevada Real Estate Laws and options for creative financing

[Don Spafford]

I am seeking help from the BP community for a question about laws and options in Las Vegas, Nevada. I have a friend there who bought a condo in a nice area about a year ago. He likes the single life and doesn't want to feel tied down so prefers to rent. He wants to sell the condo. I want to buy it to hold as a rental. But he doesn't want to sell it so soon and possibly have to pay capital gains tax and I want to avoid all the extra closing costs and fluff going through a lender.

So the question is, does NV laws allow for a wrap or even a transfer of title? Basically I am thinking I can just pay him $20k or whatever, then take over the loan. I could just basically do that anyway, but I would like to get the title and everything in my name so I can claim the interest and take the depreciation, etc. I would like to keep the mortgage he has since it would be a lower interest rate than what I can get as an investor. What would be the best option here so it is a win-win? Are there other options that would work in NV? Or does anyone know if I can still assume the interest and depreciation even if it stays in his name?