Owner Carry into Wrap Mortgage

[Michael Moikeha]

I have a seller who owns his home outright. He wants $190,000, $10,000 down, and we can get away with monthly payments of $900. (He is renting at a really low rate right now). He will carry for 2-3 years. If we get it under contract, get all the proper paperwork with him filled out, he transfers the deed and puts a lien on the property, can we turn and sell the property to another buyer as an owner carry?

We would sell it for $220,000, $15,000 down, and $1200 monthly payment on it. We transfer the deed, put a second lien on the property, and have a 2 year bubble payment so they will need to refinance.

I am not asking for legal advice, but I want to know if this is possible and "legal" (We will run our paperwork through a Real Estate Attorney).

Thanks!