Owner finance fire damaged six unit

[Brendan Chase]

This could really go under a number of categories, as I’m looking to pull together from many places to make a deal work.

I have an opportunity to purchase a six unit apartment building recently damaged by a fire, along with an adjacent two bedroom house as a package deal. I don’t yet have all of my numbers together, but the owner is willing to do owner financing for me.

The fire damage is is extensive in four of the units, but the two ground floor apartments could likely be cleaned, painted and rented.

I don't yet have estimates for repairs, but it is likely in the hundreds of thousands of dollars, up to three. ARV is $700-$800. Plus the two bedroom house is $200+.

Not sure my specific question here. But, I’m excited about the possibility.

Does anyone have experience with fire damage? Unforeseen pitfalls?

Also, owner financing pitfalls? What I may run into is a shortage of money for the repairs, while needing to continue paying the mortgage. Interest only payments for 3 years? Where could I get the money for rehab? The problem being to being able to refi my equity out to pay off the construction loan.

Many moving parts, and any advice or thoughts would be greatly appreciated.

This is in Maine

Cheers.