Subject two Flip

[Jim M.]

So I've got a seller who is looking to get out of a property. How should I take this down? He wants to get out of the property and is open to a creative financing option....sub2. I have not done a sub2 before.

Mortgage balance 150k and some change
Rehab budget 85k
arv is 310k (have 2 other rehabs going in neighborhood myself)

40k spread

I don't have the cash to take down the whole deal but do have enough for the rehab costs. The rehab time would be a little over 3 months and there and its too thin for hard money so I'd rehab with my cash. I haven't done a sub2 before but I've got some rehab experience so my rehab numbers and arv are pretty firm. What are your thoughts?