You need someone to properly prepare the deed and you need to look at a title report to understand what you are taking over.Don't do this deal unless you have the ability to pay off the loan with cash or refinance if the lender should call it due.  

There is zero information about how the borrower was qualified for this agreement (loan), so we can not properly judge if the risk to interest idea is proper, above or below what it should be.   

But proper procedure at that point is, the buyer should request the seller fix every thing in the inspection report and the seller should provide proof (pics/video/reinspection) that all repairs are completed, prior to closing.

However, when those terms are up  if you do not want to keep her give her proper notice.  

I don't know your particular situation but i'm hearing major life change (new baby) followed by another major life change (large financial investment)  Make sure you guys do the proper research and don't get in over your head.Step 2: Keep coming to BP and asking questions like this.  

Hi Matt,You have gotten some good info on the nuts and bolts process.Make sure BEFORE you close that you have properly valued the property with the purchase price.What I mean is I see newer investors all the time say to themselves:" It will be easy to raise rents on these under market tenants so I will pay XX for this property. "" These units do not need much work so I will only spend XX fixing them up. "" I can get these tenants out fast if they do not agree to what I say so the cash flow will keep coming in to pay my mortgage on the property."

Does anyone know a good attorney in The Woodlands, TX that could help me with the paperwork.This is my first time doing a deal with a partner, so I wanted proper legal advise on this one.  

I have a couple of ideas about which direction I want to go, but need to learn the proper strategies.

Have the proper tested for mold.  

Make sure you check the associations reserves carefully to insure they are properly funded for these long-term issues and when they plan on needing them done.