Question about seller financing

[Brandon Wulff]

Hey BP community,

I have a question for all you creative deal people out there. I have a friend of mine who owns 6 rental properties here in Vegas, and one property that they live in. They are planning on moving to Virginia in the next few years and they want to transfer some of the ownership of those properties to me. I spoke to them about seller financing and they are excited about that idea, but they don't own each property free and clear. There are some properties that are free and clear and others that are still being paid off. I have also been a baseball player for the last two years and my income as a minor league baseball player would not qualify me for a traditional or FHA loan.

In terms of down payment options I have enough, but not enough to buy all 6 houses.

The owners like the idea of keeping the cash flow as they move to retire, and the idea that they may not need to pay capital gains (they bought these houses in 2009-2015 in Las Vegas $$$), but in order to transfer title and ownership they would need to take care of the existing mortgages.  They also don't want to maintain ownership because they want to transfer the ownership to me and give me the chance to build out a larger real estate business

How would you consider structuring this deal?

Thanks,

Brandon Wulff