Posted by Bud Branstetter on April 27, 1999 at 09:28:27:
Yes you can do it as long as the deed is in his name and he is willing. You can even wrap the land trust by selling on contract.
The question becomes is it advisable?
With a low priced house you have to be very careful on the owner occupant. Will they keep paying? Will they get laid off? Who is going to do the eviction, fix up? There may be cash flow even if there is no equity but the first time there is a problem, you have a problem.