Is this a deal? What are the pros and cons?

[Steve Portock]

This is a house I am looking to take over and move into with improving it in time.

Seller owes 294, house is worth about that now.

Seller had an interest only adjustable mtg on from 10 yrs ago, it converted to a fixed @6.45 %

piti is app 2500 a month, seller is willing to pay 500 per month of it, i pay the 2k diff.

I want to do a wrap mtg on this and cash him out for the balance owed in 5 yrs.

Since we are at a point of the principal being paid down on this, I think I can make some decent damage on the balance over the time span.

So what are the pros and cons on this, from my perspective and his?

What happens if he stops making the 500 per month diff in payment?

Stuff like that, thanks for your answers in advance.