I want to work out a deal with my cousin to give her some moving money ($15k-$20k) assume the mortgage, Rehab it, and sell.

Question is, I'm on good terms with the renters, is there a way to sell this on more of a handshake/privately recorded contract that would work out? 

I realize though that this is the flip side of what I do in a sense, but  I realize liquidating properties can work out well for everyone involved including the borrower too. 

I was thinking long term of building a team but from what I read I can hire work out until I have enough work to bring someone in full time.

Just make sure the numbers work out for you.

I live in Bay Area and am interested in NC (triad region) for buy-and-hold (rental) because that's where my extended family resides and Bay Area is too expensive to make numbers work out for me. 

Otherwise it will not work out very well for either party.

Once your net monthly rental income is 2.5x the sum total of your personal housing expense (PITI) plus all monthly consumer debt obligations, your DTI will work out without any income other than rental income.

To me, that would be a red flag of someone who is willing to stiff either side if it doesn't work out. 

I hope to work out a deal with him so that we can both win!