Please help analyze Owner Finance

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Please help analyze Owner Finance

Ok, I have been renting (the tenant) this single family home for 2 years. I love the area and plan to stay for a very long time. 5 acres at the end of a rural-enclave (means it cannot be sub-dived for any reason). It is on the backside of Orlando Florida where houses are booming and the new medical hospital (which my wife has signed on straight out of the nursing school and is awaiting final construction). This property is only going to sky rocket in the next 5 or more years. Comps roughly at 300k. I have paid landlord around 25k in rent so far. Has a 17 year old mobile home that I currently live in that really should be replaced with a beautiful home (which are my future plans). I do not count the mobile home as any value, just land value with impact paid. My father in law is a home builder and could swing me a great deal with even no money down if I owned the land with a smidge of equity.

Now my land lord who is a great family friend would love for me to buy this to raise my kids. In fact this whole thing is his idea. I would like to raise the kids till about high school (roughly 10 years away) and sell for millions and move closer to the coast with my fat chunk of change (subject to the future outlook of the immediate area). We have concluded on an owner finance (he lives on the 5 acre parcel next door and trusts me with great respect). He has told me to put a proposal together and we can talk. He is out of town for the month and will give me his asking price the fist of sept. (rent day). Then I will be able to build a proposal. I am thinking a 5-10 year plan. A set price for lets say 5 years to build lets say 50k or more directly to him as if he were my bank. Go to a title company and legally I will own the home/land unless I default on my end of the agreement. Then I have home ownership. I understand this is a very wild eyed way of doing things but my credit is trashed (rebuilding as we speak/ cash only!) haha. Wife credit is too young. Banks will laugh me out the doors. My income status is only getting better and my money management skills are soaring. This plan will make me not only a home owner but a land owner in a sought after area of town with 5 acres of land where 99.9% of homes in area are track home divisions with zero lot lines. It will also give me 5 or more years to get credit up and a secondary down payment/closing costs saved.

There maybe some areas I left out, it is getting late. I understand this is a bit outside of what the norm is for this forum but everyone here are professional investors and or very involved in real estate. I need someone to give it to me straight so I can build a proposal. This could be a great opportunity for my family and I to invest in our financial future. This property is only going to gain value.

Please help. Any input would be greatly appreciated!