The deal you are looking at is a classic \"subject to\" deal. You will have the sellers place the property into a land trust using the paperwork from the Asset Protection - Land Trusts training.
You can be the trustee but it is recommended that you use someone else as the trustee. It should be someone that you trust such as another investor that you can be a trustee for them also.
All steps on page 148 should be followed - 1-16!! If you leave some of the steps out it could come back to cause you trouble later.
Send the notification of Property Management so that the lender knows that they should be dealing with you now instead of the seller. As Lou points out in Step 6. As Lou says in Step 7, you may not want to send the Notification of Establishment of Trust. Just keep in in your files.
These deals do have some complicated aspects to them, but once you do a few following the steps in the training book you should be able handle these transactions on your own.
There are a few risks to be aware of if you just try to help the seller sell their house and you get a fee:
1. If you are not a licensed real estate agent, you could have challenges "representing" the seller.
2. You may end up doing work or spending money marketing the property and the seller could sell to someone else. You lose time and money.
If you like the property and you think you can sell it for a profit, go ahead and buy it "subject to".