How to Record Owner Financed Sold Property

[Blane Koenig]

Hello Everyone,

I have a property I just sold in Louisiana and I owner financed it. In Louisiana (Im not sure if this is every state) when you owner finance title does not transfer until the mortgage is paid in full or refinanced. With that said I am a little confused how to account for this property in my books. Is this simply a note that I claim the interest income or is it recorded the same as my other rental properties. Also if its just consider a note do I take the asset (property) off of my books? All advice is welcome!!