Owner Financing / Creative Financing

[Chris Allen]

Short version of my question... 

-"Do the payments from owner financing coming in count towards income? Or can they be written off as a loss/break even"?

Long version.... 

-I met someone who "wishes they could get rid of their house" because their house is too much for him to take care of on his own. His wife is in a nursing home on Medicare and he was told that if he sell's he would make too much to qualify her for Medicare. He said he would just love to sell and rent an apartment, so my first thought was to just do owner financing. But he thinks that would mess him up to qualify. Does anyone have any recommendations on how to help this guy out?