What's the best way to finance my deal?
I purchased a double two years ago and have been successfully house hacking by renting short term. I am fully licensed and legal as I owner occupy one of the units. Do to recent changes in short term rental laws in New Orleans that require a homestead exemption and owner occupancy, many properties that have been operating as short term rentals are coming onto the market. I know the owner of one such property who may be looking to sell. The property has a zillow estimate of 1.3 million, generates 220k in revenue and cash flows 100k. I would move my primary residence, homestead exemption, and short term rental license to the property. I would then rent my current double as a long term rental. I could come up with 25% of the purchase price but it would basically take everything I have.I would like to propose seller financing so I can keep some of my cash for other deals. Can anyone recommend win/win seller financing terms on a deal like this? If not seller financing, what other deal structures might you recommend? Thanks for your feedback!