Your thoughts on this deal...owner financing

[Jason Vannoy]

Hello, I have an opportunity to buy a house one house down from a property I own. It is in a college town and generates 1000-1200 a month. I am currently in physician assistant school and graduate in July 2018. I cannot get a traditional mortgage right now because I’m full time student. I have someone I trust to co-sign if I wanted to get a traditional mortgage. The seller wants 10,000 more on asking price if he does owner financing and 7% interest with 10,000 down. I have cash I have saved in a mattress somewhere, not in a bank account. My questions: 1)Is it better to do owner financing so when I graduate in July and get a job I can get a traditional mortgage assuming the banks can’t see this owner financing agreement? 2)is it better that I do owner financing because my cash is not in a bank account and I won’t have to explain where I got it (years of saving)? 3) is it true the banks can’t see this agreement and I would be better off trying to get a traditional loan in the future? If not, should I buy and refinance when I get a job? 4) should I offer more cash down to get a better interest rate? I appreciate any insight on this, any thoughts. Thank you!