Seller Financing in Puerto Rico

[Adianice C.]

Hello BP family!

I'm looking into buying a property with owner/seller financing.. in Puerto Rico..

Info:

- It was purchased as a single unit residential property (appraisal should have been for a

- it's a perfect income producing beachfront multiunit property which he renovated .. 10 plus bedrooms etc

- selling for 800k.. but I can probably get it for 700k.

- minimum cashflow at 5-10k/ month with str via AirBnb.

Con:

- Doesn't have the 2 year minimum rental income history .. which makes even a conventional loan difficult since the monthly expenses wouldn't pair well with my income: debt ratio

Hence why I want to do seller financing..

- I figure I could try to get a lower down payment, lower interest rate and show him that on a 20 or 30 year loan this would benefit him based on amortization schedule etc..

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Question for those WITH personal experience in seller financing in Puerto Rico..

- what terms make it benefit both parties?

- any advice or suggestions besides going through a legit CPA or real estate attorney prior to drawing up a proposal for this type of deal..

- any insight would be greatly appreciated!

history since it had been abandoned.. now renovated etc