Morby Method/Seller Finance Deal Assistance

[Katie MacGregor]

We are super excited and in the process of purchasing a home to turn into residential assisted living space which our community desperately needs. We found the correct home, now trying to work the deal/paperwork for the real estate acquisition but could really use some mentorship and/or a real estate attorney (Colorado). Here are some specifics:

Purchase price: $955K

Seller Finance offer: 20% ($190K)

Reno cost: $90K 

Ideally we would like to do a Morby Method where we purchase the home via conventional mortgage or hard money lender and on the back end have the seller lend us the $190K with a second position lien on the property and a 5-year payback. Any help/advice/contacts is greatly appreciated. We could also go with a private money lender on the $190K - just need to find the person! The numbers and business plan more than adequately support the project numbers (can share privately).