Advice need. Payoff and owner finance or sell?

[Lee Schreck]

I’m looking for some advice and help on this situation I got myself into .

I currently own a property in which I owe about $33k on.

I need to get rid of this property as it is almost 2 hours away from me and I have too many other projects going on right now. I just don’t have time to deal with it right now.

There has been a long-term tenant in place who just vacated and the property is outdated and needs to be rehabbed. Currently vacant.

ARV around $120-130K

Estimated rehab of $25K

I’ve had it under contract twice now and both times the buyers funding fell through. Once at $95,000 and the second time at $85,000. 

I don’t want to put the money in to rehabbing it for sale as it would pretty much be a wash if I just sold it as is in the current condition as a fixer upper. 

Since the interest rates are high right now and prices pushed back a little bit I thought about doing an owner finance on a five year balloon.

Thinking about paying it off in full and then turning around and doing an owner finance at a value somewhere between its current condition value and the ARV.

What are your thoughts? Should I just sell it as is which could be a few months of closing the deal or just pay it off and sell it as owner financing. I’m just not sure of the headache or risk that is involved in this process of holding the note, etc. I never done anything like that before. 

Also heard about selling it on a wrap mortgage without me paying it off. But I’m not sure how that would be structured and I can’t seem to find any solid information on how to handle that. 

Open to other ideas, I haven’t thought of.

Thanks for your time