Posted by BillW. on December 11, 2000 at 19:50:00:
Have owner put building and lot into a land trust. You take over trust. You are the beneficiary. You now own the property. You have “assumed” it. You now make the payments. Split off lot (check first to make sure it’s a separate lot). Sell or lease out property (whatever works for you). Sell, lease, or develop the lot separately, again, whatever works for you. (Do a deal with a contractor, etc. -you supply the lot, they build. Split profits.)
Good luck- BillW.