Posted by Darryl Sandoval on September 21, 2004 at 22:48:15:
What you can do is offer to take over his payments & sell the home with either land contract or lease option. You then sell for full value with owner financing with 5% down. You can give him some of that downpayment or cash him out for some equity when your buyer refinances the land contract or exercises his option.
As an investor you want to be fair as you make money also. So offering some cash for his equity should appeal to him.