Owner Finance - Buying a Duplex from a Family Member

[David Rushton]

Looking for advice!

So my wife’s Auntie is trying to sell her duplex Lincoln Square, Chicago. She isn’t getting the price she wants and I just feel this is like a great opportunity for me to get it.

I haven’t approached her yet with a deal as I want to be prepared and do my research as I’m still a newbie.

I’m thinking of going down the owner finance route as I don’t have enough hard cash for a down payment at this time.

I want everything to be done properly.

What things do I need to do or think about before I approach her?

Also, any tips on owner finance? I’m thinking of maybe getting my brother in law on the deal as he lives in the bottom part of the duplex.

Any guidance would be much appreciated