Need some advise on a wrap
I'm looking at an investment property in NC. I know the seller. It's a 3/3 house with a 2/1.5 garage apartment. The seller would like to move into the garage apartment and rent it from me and my brother would like to move into the house and also rent from me. So far sounds good right? The house will sell for approx. $300K. The owner has a note left for $220K. I can afford to put down $80K but not in a position at this time to get financing on the $220K. I will be in a year and a half. I was thinking about a wrap note from the seller with a 3 year balloon just to give me a little extra time if needed to refinance. I have not examined the sellers mortgage yet but I'm sure there will be a due on sale clause. Any thoughts on how to do this??