Seller Financing + Rehab Loan for Primary Residence

[Levi Benton]

Hello,

I have been looking at a home for my wife and I and our baby on the way. It is in a great location where homes are usually going at $250K as shells just to start rehabs. The home is offered at $140K (commercial but I got the city to rezone) and needs a big renovation. ($100K). It should ARV at $375K+. We just got off the phone with the seller today and they are so motivated that they offered Seller Financing and for us to just get a construction loan.

I am very interested but I have some questions. 

-What are the limitations for a Seller Finance and what how will it be different from normal financing?

-Can I negotiate the $140K that it is listed for for the seller finance? I know they purchased 3 years ago at $90K. 

-Will it be difficult to get a construction loan on a seller finance? $100K MAX 

-Would I be able to refinance the home down the road to pull out MASSIVE equity to start our property business? How would I go about doing so. 

-What would our payments look like? 1 Payment towards the seller + 1 Payment towards our Construction Loan? 

Thanks for checking this out. Any direction would be great so I could get into this home.