<prompt> Human: Throwaway account, just because this feels weird ...Anyway. I have a rich friend who owns his house outright. Due to circumstances, he wants to sell his house to me under a scenario in which he would act as the bank and I would just pay him monthly until the house is paid off.ie: I agree to buy the house for 250,000 and pay 1,000 a month for 250 months. Or something like that. No interest or fees or whatever else.We would go through proper legal channels assuming those exist to make it legit, and that would be that.Would also come to an agreement about split of potential profits in a potential sale.Removing any non-practical considerations potential effect on friendship, etc., is this as crazy as it sounds off the top of my head? Because financially, it seems like it could be totally awesome, if not totally too good to be true. But its such a unique situation that I havent been able to find much info.  <response>: The risk is dependent largely on how the deal is structured. If its a contract for deed land contract deal, where your friend holds the title to the home until its paid off and then transfers to you, its an incredibly dangerous arrangement that Id avoid like the plague. If its a deal where you take title to the home and place a deed of trust mortgage on it protecting his interest, then thats great. 