Owner Financing for a Rental Property

[Michael Watson]

Hi all!

Some assistance with the possible deal would be greatly appreciated! This would be my first deal, I really don’t want to Wholesale or Flip this deal, it’s a duplex and both apartments are rented out and the renters pay the current owner in cash ($850 each unit). He is slowly selling off his portfolio to retire and it’s perfect for me because it’s close to my house and I am in real estate to buy and hold and acquire assets.

However, I don't have the finances to purchase right now. Would anyone be able to provide some steps as to how I could swing an owner financed deal for say 6 months to even possibly a year max, I takeover the property in every way in the name of an LLC and leave the owner as a lien holder while paying him a flat fee until I am able to fully purchase the house.

Any assistance or steps to take is greatly appreciated, thank you!