Advice on Making a Commercial Loan

[Bob E.]

We have two properties in our IRA that we want to sell to an outside (non IRA) partner. one of the properties is a solid performer, the other is OK but not a peach. We prefer to do a seller financed deal to the partner. The have done several seller financed deals in the past but always just one property. For this deal we prefer to have one lone against both properties, thus it becomes a commercial loan.

Would the structure be to have one Note and two Mortgages?

What are the mechanics If the borrower later wants to sell one of the properties?

Thanks in advance.