Wrap Around Mortgages or Subject to

[Latasha Shipman]

What can I say, I am a busy Lady!

Seeking experienced investors with wrap mortgages and or Subject to...

Problem

Would like to take over a family members mortgage (who stays in NC). I will pay their mortgage the first month but after that I intend on moving a section 8 tenant into the property. (She is my cousin and currently fell onto hard times). Anyhow there is paperwork that has to be done through FHA, probably even a verification process in order to receive rental payment for staying on the property. If this falls through I would be her landlord.

Questions for the EXPERIENCED

1. WHICH CATEGORY OF OWNER FINANCING DOES MY SITUATION FIT INTO? Wrap or Subject?

2. Is it possible to rent this property out ASAP and should I stay away from FHA tenants who require a strict verification process since I am using an unorthodox strategy of creative financing?

3. Lastly, jail nor breaking the law looks good on me. So, if what I am purporting is to sketchy PLEASE FEEL FREE TO STOP ME NOW

Sincerely,

A visionary! Who doesn't look cute in STRIPES!