Scott's rehab analysis spreadsheet:http://www.biggerpockets.com/files/user/JasonScott...I'm sure this isn't the most elegant solution, but it worked for me.  

Very elegant 1960's 250GT.

I underwrote the deal with MTR comps for shared houses and apartments in the area and the competition is super weak with terrible marketing, and most offerings are in houses with a family or grandmother, cluttered shared space, lacking amenities, beat up furniture, terrible photos, don’t offer refunds if the nurse’s contract is unexpectedly canceled, won’t allow mail deliver at the property, among other things that we would consider “not traveler friendly” The property I’m arbitraging is ideally located, brand new rehab inside and out, high end finishes, hardwood floor throughout, elegant furniture (mine), in suite W/D and dishwasher, parking, 3 minute was to subway, etc.

But it's an elegant situation for you if he likes it.

The other times we look to provide an elegant way for the borrower to gracefully exit the property. 

Upgrade Faucets and FixturesEconomical Elegance: - Swap out old faucets and showerheads with modern, water-efficient options

My best guess is completion in the 2nd half of the year as I assume they will find an elegant way to do it. 

High-end finishes, such as marble countertops and custom cabinetry, can add an air of sophistication and elegance, while state-of-the-art smart home technology can enhance convenience and security.

In my view the assumption of the mortgage is the most elegant way of structuring it.

It's a very elegant solution that has several benefits to you.