Owner Finance of 3 properties
My husband I and have been approached by a family friend who is looking to get out of his 3 single family homes (1 unoccupied, 2 occupied). He wants $250,000 over 5 years, so $50,000 a year in a one time payment each year. Each unit will bring in $850 rent minimum. The $850 isn't enough to cover the $50,000, but we do have 5 other rentals that each cash flow. We both also work full time jobs.
I'm just curious if there is anything we should be looking for in an owner finance, questions to ask, hard points to be clear on. Our other purchases have been traditional financing, so this owner financing is new to us.