Welcome Feedback on 12 Unit in FL

[Ariane Randolph]

This property consists of 12 units, 2/1, currently no vacancies.
The asking price is $569,000. The annual rent is $86,400, with listed potential rents at $90,000/yr. The units are 3 quads and deeded seperatly.

The property was recently renovated. The seller is a licensed real estate agent willing to accecpt the following financing: contract for deed, owner financing, private, may pay some of the closing cost, wrap around, conventional, and FHA.

I have some questions/comments:
1. Is there an advantage of contract for deed, owner financing, vs. wrap around?
2. I was reading some other post, and someone recommended asking for "Principal Only Mortgage", any thoughts on that?
3. Based on the info, is any more information needed to provide some feedback?
4. Where should I begin?
5. I need assistance with financing the potential portions not held by the owner. I will need a preapproval letter, for the showing appointment?

Any thoughts, comments, or questions; all are welcomed and appreciated. Thanks!
:D

[Jon Holdman]

A principle only mortgage would work like this, considering you can afford about $30K a year for debt service. "OK, Mr Seller, you want $569K for this property. How about I pay you $2500 a month for 19 years. That's $570K."

That's equivalent in some sense to paying $293K at 8% for 19 years. In some sense meaning that the payment on $293K at 8% for 19 years is about $2500. What's different is that if you try to sell before you're paid it off, you're stuck for the remaining balance.