My thoughts were, the current owner transfer the property into a llc and give me an equitable title. Which would make me part owner. Pay him his equity upfront then wait six months to refi the note on the property. In my state MA, I ask few local investors, no one can get me a clear yes or no answer with out refereing to DOS. if you have experience on doing this type of transaction maybe I can PM you and you can walk me thru the process.