Structure note purchase to sale of property
We bought the mortgage of a 5 plex rental property from a bank for 330,000 including back taxes.
Current rents 5000 and taxes are 700/m. New Jersey
We are going thru Sheriff Sale of property to obtain title.
The current property owner is a business friend.
Our all in cost 330,000 for the note and liens
Property worth 450,000
My investment company now owns the note and will purchase at sheriff sale unless someone buys property which will give me a 75,000 minimum profit.
Once investment company obtains title plan is to sell property to my son
My goal is for my son to buy the property for zero out of pocket and for my investment company to get a fair return and pay as little or no taxes on the gain.
Any suggestions on how to structure deal, price purchase etc is greatly appreciated