cash buyer to seller financing?

[Account Closed]

im not sure on how owner financing works.

in order to seller finance do you have to own the property outright? no mortgage can be left?

so if i wanted to purchase a property and then seller finance it back the next week does that mean i would need all cash to purchase the home? meaning i would need someone who is wealthy and wouldnt mind a ROI on something like that? (what is typical ROI?)

example :  this guys credit is hurt. he needs to sell the house to get his wifes name off the mortgage but he cant because of a business problem which is all resolved now.  he wants to sell the house but he still wants to live in the house.

my solution

i buy the house. and give him first right of refusal for a year or two while he pays rent in that time frame until he can take out a loan and buy the house back.

the problem

i get my money from a lender who wouldnt do something like that because they only lend for rehab purposes