Can I purchase a home and quit claim to a friend w/o problem

Hi,

A friend of mine has ran into a little trouble with some of his rental units. His tenants has not paid and ofcourse he has started the eviction procedure, but this takes time.

In the meantime this has impacted his credit score. During that time his mother passes and he is now the executor of the estate, but due to the aforementioned problem he is having trouble getting banks to give him a loan because his credit score has dropped. Outside of this problem he is very responsible with paying his bills and has backed up this claim with showing me his bank statements, mortage statement and his credit report.

What he would like for me to do is purchase the property and he will make the payments to build his credit so that later he can get a better rate, and then later I would quit claim the house back to him with the hope that he can refi- in his name at a better rate.

With this deal I am not trying to make a profit, just trying to help a friend out without getting stung in the end. Please advise.