If you don't have sufficient equity you'll then need to bring the existing loan down to the amount that can be refinanced.

You'll have to get the loans in your name or at least be willing to sign a full-recourse personal guarantee on the loan, until you have sufficient & significant credit established for your business. 

Would him receiving interest on the deals be sufficient, or should he receive 50% of the profit, receive monthly cash flow? 

However, we will make sure there are sufficient reserve funds for maintenance.

Assignment may be implied by default but I'm assuming adding " and assigns" after the buyer name is sufficient. 

The default rate was high because the locations did not have sufficient cash flow.

Further, the Internal Revenue Service has also taken the position that if the replacement property is sold immediately after the tax-deferred like-kind exchange transaction then it was not held sufficiently long enough to qualify for tax-deferred like-kind exchange treatment.

OK, but lets assume that there is sufficient equity/upside to the deal so that I know what to do for next time...Thanks

The lender is going to appraise the house to be sure that there is sufficient collateral.

A café with an upstairs living unit can be a good combination, many small operators will live upstairs.Having the idea is one thing, but food service is a highly regulated use, about the only thing worse would be medical.Not all, especially older buildings will have sufficient plumbing or electrical to meet the requirements.