Owner Financing a Mortgaged Property

[Aaron Rowzee]

Alright, I'm in a situation where I have a rental under contract to purchase, it would be financed for roughly $60k. Terms would be something like 5.25% for 15 yrs, amortized to 25. Current tenant may be willing to owner finance since the payment to me would be only slightly more.

How would I deal with the pitfalls of the mortgage company calling the loan, insurance, taxes, etc? Is there a simplified way of doing this via a real estate attorney that doesn't involve the bank and doesn't violate any laws?