OWNER FINANCING

[Lee Price]

I have a 250 unit multi family i am looking to buy the owner has a mortgage balance of 5,558,615 amortization 360 months interest rate 6.16% and gsi is 1,274,602 exp are 752,802 and noi is 521,800 100% occupied. The Seller wants 10% down, enter into a partnership with buyer and grant 49% ownership (no loan approval). Buyer pays interest on remaining equity at 7%. Then pays remaining equity to seller when refinancing the loan.

I need someone to explain this type of owner financing and if this sounds like a good deal.