Partnering w/ Seller

[Michael S.]

I have come across a potential deal with a seller who was rehabbing a property and has run out of money. He has a mortgage for about 105k and has agreed to sell if he can avoid bringing money to the closing table. The home is worth 150k completely rehabbed and needs an additional 15k to get there. Instead of attempting to purchase for 110k (his mortgage payoff plus outstanding taxes), I've offered to partner with him on the deal and finish the rehab. When we sell I would allow him to get out without bringing money to the table.

How can I structure this deal to protect myself (and my seller)? I can't buy it from him and have him write me a mortgage when he owes the bank 105k, can I? Looking for options... appreciate any help. Thanks!