Need help finding funds for a cabin in Northern Michigan

[Pete Schlegel]

This deal is unique. I am a mortgage lender myself. Anything traditional residential or commercial will not work for this property. The reason is, there is no deed to this cabin. How the association is structured, there is no deed, you get a certificate of association. 1/9th share with voting rights in the association. Almost structured like a co-op, but not. I have been in talks with the county and the association on paying a real estate attorney to get this structured as site condos so that I can just throw a traditional second home mortgage on it and call it a day. Currently still working on that, getting a little push back. I tell everyone this to give context before explaining what I need. 

When this property went up for sale, I called the seller and asked if they would agree to a lease because I already knew all the information above because I have vacationed at this cabin for the last decade. So he agreed to a 20month lease so that I could figure out financing. My lease to purchase agreement has me buying this cabin for 162K. I found out he has it on a land contract with the actual owner for coincidentally for the same amount of time my lease is for. I know the owner personally as I have rented this cabin from her directly for years. She sold it to this guy on a land contract for 115K and he put 20% down. He threw down some cheap flooring and put it back on the market 50K higher 3 months later. I am basically paying his land contract and more while I figure out financing. 

He has agreed to have me pay the difference in his list price (162K) and what he owes on his land contract roughly (89K) which would be roughly 73,000 to pay him and the owner has agreed for me to assume the land contract with her and make some tweaks to it because she knows me. 

SO, I need help with that 73K so I can pay off this seller and assume the land contract with the owner 

or financing for the entire deal of 162K. Sorry that was long, but every time I talk to someone I have to give them this story to really understand the deal. 

For what it is worth I am Airbnb'ing it currently. I have made over 12K in revenue renting this cabin out and I only signed my lease in May of this year. 

Thank you for reading my long post and any insight is appreciated!

[Drew Sygit]

@Pete Schlegel what protection would a lender have if they had to foreclose?

The answer to that question will bring clarity to who will lend.