Buying a property w/existing HELOC and seller financing

[Deborah Kowalchuk]

Hi, I have a friend who owns a house outright and uses it as an airbnb. She manages the property by herself and it's successfully pulling in 125k/yr. Title is in her name. Here's the drama part, while married her husband somehow went behind her back and pulled out a large HELOC. They divorced she's stuck with the HELOC since he can't pay anything. She's put the property up for sale already. My question is if I made the HELOC go away from my cash reserves, could we then agree to seller finance the remainder and then use the cashflow from the STR to pay her plus give her a percentage to manage the property? Does this make any sense. What formalities would I have to go through to make this happen. Also, this would be my first deal!

$400K HELOC

Home valued $1,150,000

Cashflows $125,000/yr