Advice for Owner Financing Triplex w/ Equity

[Timmy Fritz]

Found a triplex in Louisville, KY that I like and the owner is open to financing the deal. He owes 50k on the property, and it is worth between 110-115k. The property is fully occupied & rents for 1700. He is looking to reduce his debt & invest the income from this into a start up company.

I'm familiar with the strategies of seller financing, but I have no experience in actually constructing one of these deals. I am also aware of the risk of the 'due on sale' clause & would be able to refinance into a conventional loan if the bank does call the loan due.

I'm looking for tips/advice on how someone who has experience with this type of deal would structure it. Also, I'm looking for a good recommendation for a real estate attorney in the area that has experience with doing seller financed contracts.

Any advice, experiences, etc would be greatly appreciated. Thanks!