Okay- so recently I have found a property that I am interested in. The asking price is 290K and I offered 260K. I found out that there are a few offers and one offer that I know off was 250K which was rejected by the seller so the potential buyer will be raising it soon. I also found out that the reason why the seller is putting the property on the market is because he owns two houses and recently lost a job so he decides to sell this house(non-primary residence) to pay off the mortgage on the other house.
Knowing this, I came up with an idea which I would like to run it through the DG family and will welcome all feedback and advices. My idea is to offer the seller the full amount, 290K, by paying his monthly mortgage off for his primary home. If the mortgage of his home is less than this amount than I will make monthly payments to him or pay him the difference immediately after his mortgage is paid off. In turn, I won't have to put a down payment or pay interests by taking out a loan and will definitely save in the long run.
Also, fyi, the rent roll on the property that is for sale will cover all the expenses of that property so basically my only expense will be paying off the seller's mortgage payments.
Is this doable? I know I will need to consult a lawyer if the seller agrees to do this but am I missing or overlooking something here? Any help will be greatly appreciated. I will need to present another offer soon (within a day or two) if I am outbid.
Thank you all for your time and advices.