Is this a deal/would you do it? Need feedback ASAP!

[Juaneka Brim]

I want to buy a house subject to and have the owner rent it from me. (He's willing) I then want to have him re-fi immediately, as he does not have a fixed rate mortgage. He would sign a 3 year lease for $2500/monthly. His current mortgage is $2300. I also want to offer him a mortgage note of $50K for his business at 6-8% interest. He needs to complete a project to make the facility compliant a (This SFH is a residential care facility for him with paying tenants). Let me know if there is additional information you need.