Purchasing a Deed!

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Remember this one: Its's a WIN-WIN and maybe a webinar!

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I am buying the deed on this property in Queens NY for 65K. The deal died when the seller wanted 20K more a week before we were going to close.…I said good luck-that’s not the deal we had. Three weeks later she is calling, texting, Instant mesengering me, Skyping, she even sent me a singing telegram! Guess what-I said that deal is null and void-60K take it or leave it! Don't be Greedy is the moral of this deal.
Anyway we are taking the mortgage subject to 350k mortgage. It's 3.5% interest rate(PTI-$1800 a month) and the property is grossing over 5K. Once I evict tenants and do some light work the property is worth 550K+. We are paying off her arrears of 22K to bring her mortgage current…She owns the debt-I own the Asset. And I borrowed all the money for the second position. Not a dollar out of pocket. Do you think this is a good deal and who buys deeds! Lets talk.