Does this work and is it legal?

[Wayne Caviness]

I have located a property for $8k in a small town about 30 minutes from Tulsa. It is small and needs some work which I can do fairly cheap.

I also have a friend that I used to work with. She is currently paying $550/mo rent on an efficiency apartment with yearly leases for the past 6 years. Her lease is up at the end of July.

I was telling her that I may try to buy it and sell it with owner financing on a 5 to 10 year note with a payment between $300 to $400 per month. Now she wants it and says she can come up with a $2k down payment.

If I get this property under contract, can I owner finance it to her then sell the note. I would normally hold it, but being friends I don't feel it would be the best idea.

I don't have the $8k available to tie up right now so I would have to borrow enough to cover the purchase. 

My question is, if I borrow the cash then do a $375 to $400 per month owner finance 10 year note. Would I be able to sell the note for $15k or so?

If I can find a buyer would this be legit and legal?