Pretty sweet arrangement! 

Another option is assuming the existing mortgage, which would involve contacting the current lenders to explore formalizing the arrangement and having the properties deeded in your name while taking over the loans.

This arrangement can benefit both parties if structured properly.Hard Money Loans: These are asset-based loans provided by private lenders.

First, I would advice to keep documentation of all your requests to arrange maintenance.

LCC as a basic pass through and limited partnerships depending on equity arrangements and profit share of the parties add that extra level of flexibility and not needing to split potential individual partner costs or liabilities.  

In the case of having several partners in the property, it also would outline an operating agreement and arrangement between the partners of who owns how much of the property. 

Is property management normally part of this arrangement?  

It comes from buying distressed assets and fixing them or re-arranging the property to make it perform again. 

Just be sure to clarify the fee arrangement upfront to avoid misunderstandings.If you need help evaluating the deal or financing options, let me know!

All gov can do, under loss mitigation laws, is give home owners extra time to scrap up some money and make some sort of arrangement to resume paying their loans.