Creative Financing Question

[Bradford Myatt]

Hey All,

I have a question regarding a potential deal through creative financing.

Here is the situation:

I am interested in acquiring a commercial property that features around 30 mixed size storage units and 3 one BR efficiencies. I value the property around $250K. Here is the way I'm hoping to design the deal (ideally):

Use creative financing for 10 years to acquire the property. Pay $10K each year with rent around $1,500 a month ($280K over 10 years).  

So here are my questions:

1) Over those ten years, who is responsible for taxes and insurance? Is that negotiable?

2) At what point is the deed signed over to me? Is that negotiable?

I know I will probably have many other questions to come, but I wanted to get some feedback.

It's greatly appreciated!

[Brian Gibbons]

@Bill Gulley

Much more eloquent than I could do at present, as I am just a humble REI Grasshopper. LOL