How to put a 2nd DOT on a home?

[Dave Katz]

I am wholesaling a deal in Boulder Cty Colorado and the Buyer wants to give me a portion of the assignment up front, but give me the rest after he rehabs and closes on the final sale to owner occupant. He suggested recording a 2nd DOT on the property, with his private lender holding the first for about 65% ARV. What do y'all think? How would i structure this?

Thanks in advance