Considering Subto Offer - What do I need to know?

[Taylor I.]

Hello, I have a buyer interested in my property that I have had for almost 2 year that is not cash flowing and I am losing money on ($200-300/month easy). The current equity in the property is around ~$70k and I have invested ~$46k of my own money (down payment + repairs/bills, etc.) thus far. The buyer is willing to offer $50k for the property as part of a seller financing deal with a chunk paid at the beginning and the remaining amount spread across 5 years and after which, the buyer will refinance and take over the mortgage. I am not very familiar with the terms and details of a seller financing deals but given the property is not cash flowing, I think it's in my best interest to get at least my initial investment back. I could sell the property on the market but I think after fees and taxes, I would be at a loss. The buyer will buy the property as part of his LLC and the LLC will be liable. Is this a good deal? What should be some things I need to be aware of and consider prior to signing any sort of contracts? Thanks in advance!

[Chris Seveney]

@Taylor I.

So if the property is losing money, do you think it will make money for the other person? Remember if they walk away from it your name is still on the mortgage and you will have to take over making payments again and then get the deed back in your name via lawsuit….

Are you really solving your problem?