Hypothetically, if a mix property (commercial main level and two apartments above) only has $80k left on a $350k loan and the property is worth $500kand the taxes are $12k/yrand the rents are $4k/moand the owner is your father in-lawand he wants to sell but worried about the income taxesand he doesn’t want to buy another propertyand the building needs about $50k in updating and roofand you want to help him out by taking it over with seller financingWhat terms would make sense for him without a huge tax consequence and basically still get some of that income from the buyer, us?

ok i was just wondering as a first time home buyer would this be a big mistake going online and using websites like Trulia zillow etc to look for my house and just contact that listing agent and set up a meeting to look at the house and if i like just buy it at the listing price? 

You essentially become a cash buyer based on your line of credit and may shift things in and out alternately buying and paying.I hope this helps!

(My condos Mortgage is the only debt I have btw.) the cost of living is less where I’m relocating, and you can get more bang for your buck home wise there.

I think NPN you have to   to make sense of it.other wise great performing notes since you have cash flow day one is a better bet for a beginner and you align with a great broker who just feeds you the deals.. much much easier and safer.then once you get the hang of it if you want to try the NPN and if you can find one that makes sense.other wise I think its a business and a job basically and needs to be scaled..

An ideal option in my mind would be to get a cash buyer who would be willing to buy out all the siblings, so $360,000.

@Josiah Collins The buyers could be direct marketing to sellers and making an offer w/o a real estate agent.

@Karen Emery So far I've made 2 cheap wordpress websites for buyers and sellers and just done free postings on craigslist and FB groups, and some cold calling from driving for dollars.

My major concern is the tenants were all accepted just to fill the house and make it look more attractive to a buyer.

We've got it listed at $259k.Recently received an offer and came to terms with the buyer for a sales price of $255k plus a few improvements (septic system, some additional carpet, etc.).