Stay away from Novation agreements unless you have a great attorney. People who preach Novations always fail to mention that if your deal goes south for any reason, a lawsuit can follow very quickly.

We use novations on certain deals, yes. I highly recommend you do your own research and understand the complexities/risks before putting them into play.

Good advice already provided, definitely make sure you have an experienced attorney in your state, these are not simple and as noted by others certainly not without risk. Are you sure other options won’t work? Perhaps a wholetail if there is enough upside for a novation(?)  Obviously I don’t know the particulars, good luck with it!

If you didn't know or are just learning about Novation. Its Simple to start learning, like any deal it has its upside and downside but the spreads are nice. I have done properties that needed little work done to them which is your typical Novation, to full blown gut job properties knowing how to structure the deals is so its easy for the seller to understand is critical this is where most deals fall apart. Not having the expertise or experience to verbally communicate the deal or any question about the process. The Key is full transparency with the seller you will be offering more money for the property, so in return you get the time needed. Now 60 days minimum to 90 days is preferred since you will be listing on MLS. Now if you have gotten your feet wet JV with someone who has done 20 or more Novations, remember you will be going to the MLS you can be held liable for not performing. If you haven't heard of my guy Rich Novation-King check him out or even better you can JV with him till you build the knowledge and airtight contracts required for success!  
Now you can always Wholetail or Takedown Method learn these formulas these are great exit strategies with ways to get bigger spreads!