Setting up seller financing with a relative

[Tim Bergstrom]

Hey BP!

Got a creative financing question regarding setting up seller financing with a relative.

My dad is selling the house they just downsized out of to me and we've discussed setting up a 0 down seller financing transfer. The intention is then to convert that property into a rental. We've actually already started the ball rolling with the rental portion and are wanting to get the rest completed soon. I've never done one of these before and it's been a while since I've explored this. I'm located in Nashville, TN but if anyone in the Indianapolis area has any good referrals for an attorney or CPA who is knowledgable in setting something like this up I'd be super grateful (if that's even the best route to go)! Or if anyone has any advice regarding this I'm open to that also.

Thanks in advance!

[Mike Grudzien]

Yes, get an experienced attorney.