Buying an apartment from friend w no bank or financing...kinda
price is $45,000 total I'm putting $5,000 down and making $500 a month payments for 80 months rental income is currently $850 all utilities paid by tenant $180 a month goes to the association taxes are $1,400 a year there is no interest because he holds the title and no dealing with the banks because he holds the title there's no need to remodel or do much fixing of any kind. Renter has been in the unit for 5 plus years shows no signs of leaving. If she were to leave the rent would go to $950 or even a thousand is normal for this complex for that style unit no sign of big assessments on the horizon we the purchaser would pay and Escrow Company or title company to set up an escrow account (I think) that we would pay into the company would pay him the company would keep records who paid who pay the taxes Exedra so then neither party in the future could say that he either didn't get paid for we couldn't say we already paid him. Sorry for rambling towards the end but that is my question how do we set this up easy in Florida and does the deal look funny