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You should consult with an attorney if you want a Grand Deed giving you an ownership percentage. I would think you could assume liabilities if you became a part-owner. Also, the lender could have an issue with a change in title and possibly accelerate the note.
Why make things complicated where you could come out ahead or behind? Just write up a note for the current balance including any past-due interest and secure it with a Deed of Trust and record it. Why would you want to become a co-owner and partner with someone who doesn't seem like a good risk? If he flakes on the payments to the property, you could wind up losing all your loan and perhaps more.
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