Owner Finance Deal
I am viewing a property today that looks great on paper but feel like I'm missing something. The owner is asking $329K with 3% down and 6% interest over 20 years. He prefers to balloon at 5 years. The property has tenants that are moving out but have been paying $2000 /mo. I was considering buying the property and marketing the property to a tenant-buyer for a 1-2 yr lease option and asking $345K with 5% down at $2200/mo rent. My monthly payments would be $1850 to the owner. I will be clearing all the terms with my attorney before I finalize anything but am I missing something else on this deal?