Help! Getting creative on financing

[Whit Dhamer]

I am under contract for purchase of my fifth investment condo in Chicago. I have hit an unexpected issue on financing, and cannot qualify for a traditional mortgage (bad move filing 2017 taxes under schedule C!)

I would like to propose to the seller the following:

I transfer to the seller a cash amount (perhaps 10% of sale price) today to secure the sale, until I can qualify, likely in Q3 2019.

I would pay the sellers mortgage obligation in the meanwhile and I’d also like to do the renovations I have planned.

Lawyer and mortgage broker are not loving the idea. Want me to have a family member take on the loan instead and get the sale done.

Anyone have any advice?