Accounting is also important as he will need to have the knowledge on how to read P&L's and balance accounts. 

As such, we are responsible for and have been making payments on loan number [Loan Number Redacted] currently in the amount of [Monthly Payment Amount Redacted] per month (PITI) with an original balance of [Loan Balance Redacted] to [Lender Name Redacted].

Most PPP are either 6 months of interest (typically on 80% of the original note balance), or 1/2/3/4/5% of the balance that is prepaid.

If the house can actually be sold for the $2 million quoted, then I believe the best outcome from a FINANCIAL viewpoint is to sell the property for the $2 million, pay the spouse $550k, pay the $270k mortgage balance, leaving the wife with $1,180,000 cash.  

That leaves your reservation payout with a balance of $94.75. 

Helocs (as opposed to heloans) are interest-only for a period of time, usually 10 years, so during that time the monthly payment is lower on a DTI calculation than a first position mortgage with the same balance.  

Balancing your account and doing taxes should be a breeze if you keep it organized up front.

MelvinPerhaps you can BUY their property from them on WRAP Around financing basis You pay them on a WRAP AROUND Note (eg. perhaps $1.00 over their existing loan balance) of where they can LEASE the home you and also give you an option to buy SUBJECT TO their loan if or when you exercise the option.

Subject-To is an extremely high-risk play for anyone not capable and/or comfortable with selling, refinancing, or repaying 100% of all Subject-To debt balances, all at once (if they have multiple). 

You may have to invest more time up front to cultivate the right relationships but these are the relationships that will help you grow and borrow funds that outpace your balance sheet.