I think that's the part that that's been most confusing as this really isn't a tradition deal…

From my understanding I would take control of the property in exchange for paying the sellers mortgage from day one…
The idea is that you would find a seller who is having trouble selling the property or paying the mortgage. In exchange the buyer offers the seller a slightly higher price than the asking.

So the buyer benefits: Getting control over the property (and can put a tenant in), with the opportunity to sell to another buyer before the end of the 12 months, and only cost is legal fees (if the tenant's rental covers the mortgage repayments). 

The seller benefits: Mortgage is paid for, house is sold  in 12 months or less and gets good value on the sale.

Thanks Bell,

I'm getting an attorney to look into this for me as well as far as my legal obligations are concerned, I was wondering though is it still considered a 'wrap' when you're actually taking control of the propery (in my case putting a tenant in) in exchange for paying the mortgage for the seller?

I'm considering around Sydney, the North Coast and Central Coast maybe, as far as Newcastle too.

One thing I had in mind was to offer the seller a price slightly higher than their asking price as long as they have some equity in the property, as this would allow me to grab a possitive cashflow asset for atleast 12 months or until I can find another buyer.