Owner financing issues with elderly owners?
Hi all!
I was wondering if anyone could offer some insight on owner financing when the owner is elderly. For example, I am looking at a rental property an elderly gentleman might be willing to sell to me using owner financing (he uses it as a rental and does not live in it). Are there any specific issues I should be thinking about if the deal goes through, and the gentleman passes away? Would I basically just make the payments to the gentleman's estate? Could any of his possible heirs affect the deal? My thinking is: if his heirs do not want to mess with the arrangement, they could simply sell the note to someone else, and I would then make payments to the purchaser of the note. Does anyone have experience with this specific situation? Am I overlooking anything? I appreciate any advice and insight!
Thanks!
Cody