My dad has taken over "subject to " properties. He uses the Land Trust as asset protection. If anything ever happened with the particular property he picked up it limits the liability to just that property or specifically the equity in that property. I want to say he has picked up 6 or 7 properties subject to existing financing. Looking through the forms I have, you would need a warranty deed signing the deed over to you and a letter to the lender assigning the management of the property to your company. I can ask more questions when he gets back from vacation but this is his preferred method of finding houses. If you really want to be the legal owner in every aspect of the situation refinance it under your name. The deed is already in your name and if you bought it right you should be in a low enough LTV to refinance with little to no money out of pocket.

I can get more info on how he does it or push him to write an article on it and put it up here if anyone wants more info.