Structuring a Deal With a Current Mortgage

[Juan S.]

Need advise on this one BP.. I know a homeowner who has owned his home since 1996 and currently renting it to a tenant, he is close with the family my brother married his daughter. He originally purchased the home for 70k. Since the home has double in value with other similar homes in the area selling completely renovated for around 140k. The home needs about 20k in renovations to be competitive with current homes selling in the area. Well he refinanced the home and currently owes 90k. He approached me about partnering up to sell the home for profit. Any advise on how to structure a legitimate deal if he continues to pay the note and I provide financing for the rehab?