200 Properties in One deal -Seller Financing

[Doug Emerson]

Its a little early in the game at this point but this is what has happened so far:

Me:  Hmmm... I see 5 For Rent ads on Craigslist with the same title but different properties.  I bet this is an investor.  I wonder if that investor would sell?  Email to seller::  Instead of finishing the rehabs and finding tenants would you consider selling?

Email conversation:

Seller:  I'm willing to sell.  How many properties do you want?

Me:  All of them.  I'm planning to acquire 5-10 properties in the next year.

Seller:  Okay, but I have 200.  I'm only willing to selling all at once.

Me:  It would be very reasonable and doable for me to buy them over a period of time using Cash Out Refi, one after another.

Seller:  Maybe I didn't make myself clear, I'm only willing to sell all at once.

Me:  Ok that would be great but you will probably need to be the bank and do seller financing.

Seller:  That's possible, but I will be asking for a higher price.

Me:  Let's get started with the details.....

=MY Question to the good people in the BP forum:

What should the seller financing paperwork look like?  What do you recommend?

For example, I'd like to ask for no money down and 6 months of no payments but negotiate to a small amount down and 3 months with no payments, higher interest rate.

I'd also like to ask for no payoff penalties.

Let me know what I should ask for and what I should be willing to negotiate down on.

((I'm not asking for help on evaluating the deal at this point, that might be a different conversation once I get some details ironed out))

Thanks everyone for reading and replying!

Doug