Give me some ideas on how I can make this deal work

[Sharad M.]

I contacted a local landlord who is looking to sell his multiple properties by next year. He sent me list of his properties and there are about 9 that I like. All 9 properties are SFH, fully rented generating about $9,000 in monthly rent. His asking price for these 9 properties is $650,000 for a cash offer. His asking price for each property is under the market value.

The owner is also willing to carry a note. I called my local bank to find out that I need to be on the title for at least a year before they will allow me to a cash out refi.

So my questions are:

1) Can I do a land contract where I am also on the title?
2) I have talked to the owner couple of times and he sounds fairly motivated, so how can I work this deal creatively so that it's win-win?

Thanks!

[Loc R.]

One of the features of a LC is that you do not take title until you perform under the terms of the LC. You would be better served with a promissory note with a mortgage/deed of trust, depending on which is used in your state.