Seller financing in Michigan
Hi all! I'm looking to purchase a motel in Michigan. I'm from California. The deal includes seller financing. However the seller wants to protect against me paying the loan off before the first 10 years through refinancing or otherwise to reduce his taxable income. So, I'm wondering what the downside might be for me. First, can he restrict me from refinancing? Also, is refinancing even an option for me? Wouldn't the property have to appreciate significantly to refinance? Finally, I'm probably going to need a Michigan attorney to complete this transaction if it gets there, so if anyone has a recommendation. Thanks everyone!