using assumable mortgage to simulate "seller financing"

[Kenneth LaVoie]

We've got an interested party in our multi unit portfolio. My wife and I have basically decided to "hold on" to our last 22 units just due to A.) too young to be 100% living off our portfolio (not true, but it's a psychological thing...we expect to market to drop 99% the minute we put all our money into stuff we have no control over!) and B.) We paid 62K in state and fed taxes for 2021 for the audacity of selling ONE 7 unit building. So we really don't like the tax bite. Like our net worth drops 20% the minute we sell. So its' almost like selling and taking a tax hit has the same consequences as our buildings dropping 20% in value. But all that aside, one idea this gentleman had was something I've never thought of. 1.) Do cash out refi on our buildings using an assumable mortgage for 70% or so LTV. 2.) Sell the properties, but "bundled" with the assumable mortgage, 3.) We seller finance 10-15%, buyer coughs up the rest. Now, does the assumable mortgage mitigate the tax bite? I mean I'm STILL selling the properties...but he seemed to think the value of the assumable mortgage would somehow reduce the gross sales price (almost as if we'd seller financed). Any thoughts appreciated and I apologize in advance if I've left anything unclear.