This should be avoided. 

This is a great place to learn and to connect with people so take advantage of all the great resources.

What made you interested in investing in this type of deal?

If this isn't really something you're open to doing then I'd probably focus on a turnkey single family property that will get good appreciation over the next 10-30 years. 

I walked this property about a month ago when it was full of trash.

Purchase price: $420,000 Cash invested: $15,000 This buy-and-hold property generates a steady cash flow, with a gross monthly rent of $3,900.

However, this price does not include a finished basement. 

Without getting too deep into the weeds, there are a few ways to do this, including:- write up an assignable lease and an option to buy which the seller signs, then assign the lease and option agreements to a tenant-buyer.

It reads as follows in case some attorney says you're wrong...Sec. 1101.0045.

There are a ton of qualified broker and lenders out there that can offer this product but be sure to receive the proper education when iyb comes to structuring the deal correctly.