Rent To Own (Multi-Unit Version)

[Tyler Sellars]

Last week I was happy to receive an accepted offer on a triplex in the city I live/work.

Yet, this morning I received grim news that even my last option for financing - a local credit union - wouldn't be able to finance the deal due to my recent acquisition spree. 

Therefore, I'm left with the Rent to Own option. Assuming I can get the seller to say yes to this, how would you structure the deal. 

I'm thinking it'll take about 4-6 more months before the banks will accept me on this deal. Ideally I'd like to be responsible for all the costs of the building and renovations required moving forward, yet also liable for the cash flow that comes in from the other units

My idea is: 
Remodel 1 unit (the one I'm going to live in), Slight cosmetic touch ups to another unit, and completely build out the third and bare bones unit. 

Would love to hear your thoughts of how to structure this scenario given that it's a multi-unit with need for renovations.