I found a FSBO ad advertising “assume my mortgage” and sent an email. Below is the exchange I have had with him so far.

ME: Did you find someone to take over your mortgage yet? Please let me know.

SELLER: I have a few people interested and doing thier paperwork now.  Are you a investor?  I am not looking for someone to take over the payment but I am going to have them assume the loan.  Meaning I will have no obligation with it anymore.  I am on time and not late with my payments.  Just want to get off the loan so I can by something else.

ME: Yes, I am an investor. I understand that you want someone to do a formal assumption agreement with the loan. What I have been doing for years is to master lease the property using a net lease (like the commercial guys use). This allows you the ability to get another loan to buy something else because I am contractually obligated to be 100% responsible for the property (including repairs, taxes and insurance). 

What I then do is allow you to have the property back when it has doubled in value. I am able to gather the cash flow and you are able to have the benefit of “time” to allow your house to gain in value while I am paying down the mortgage. You then sell the property when the market is “up” again and take all of the profit.It sounds like you may have one or two buyers already working with you. I hope they come through. In case they don’t, I would appreciate the chance to sit down with you and explain what I do in more detail. I can move very fast, 3 days or less if we come to an agreement.