Ottawa Real Estate Investors Organization

Hi,

Recently I have come across a family who have defaulted 2 months of their
mortgage payments.  The owner told me he has a $300K first mortgage and a $75K
HOLOC and a monthly payment of $2800.  Now, I know his house is worth
approximately $440K.  I know I can benefit from purchasing this house.

I would like to cashflow by earning another 1K a month from this deal.  The
owner of the house still wants to live in the house on a rent to own basis.  I
have never put a deal like this together.  Does anyone know how I can structure
that deal before contacting a RE lawyer?

Thanks.