Philadelphia owner financing

[David R.]

Hey Guys,

This is my first deal. It's an owner financed deal. The owner will carry a note of approx 30k. When paying back the note is it possible to split payments between two people say 50/50? The two family members would like to split the note payments.

The property is located in Philadelphia it is commercial/mixed-use. Store front downstairs residential upstairs. Is it better to put a tenant upstairs and then try to get a commercial loan? Or should I owner occupy upstairs and be a first time home buyer. I have good credit so what would be the best way to pull the equity out of the property, I don't need the money right away. So I am open to waiting 6 months for deed seasoning. Can I acquire the deed at closing even with the owner still carrying a note? I'm using most of my cash for settlement and rehab. 

Thanx in advanced everyone