This is not legal advice, but one alternative is that the loan documents simply give him a limited power of attorney to sign the deed in lieu on your behalf if you default (rather than you signing and him holding deed in trust).

But I think, think, it might be cutting a path right down the middle between the two extremes.

I have one now that I am trying to buy in a land trust, and that is blowing HUDs mind.

Buy low/sell high, rinse and repeat.In reality, there's much more to it and I wouldn't go it alone into the market without some hand holding from an investor who you trust.

The most likely scenario here is that he bought it subject to an existing large first Deed of Trust, or some other lien, that he expects will eventually foreclose on the property.

That would be the cleanest way to handle this and not mess with any of the wrap idea.Terms of the debt are only found in the Note, there are no debt terms in the Mortgage, Deed of Trust or Security Deed ("security instrument").

Find an investor who you trust to either partner with you or who is willing to help you get the deal done.

Once you determine your specific goals for your new investments, focus on the people you trust to get you there.

You may be able to buy the property in a land trust also, but you would need to talk to someone more experienced in land trusts to find out if that is a possibility.

I personally find the entire concept of a HOA extremely offensive.