Owner Financed With Existing Owners Mortgage

[David G Vreeland]

Question: Is it possible to structure this deal where the current owner is able to keep the existing mortgage, while paying them off over time?
Also referrals to someone that could structure this deal are appreciated, property is located in Pennsylvania. 

Property: 2 Unit with 1st unit commercial and second residential

Current Owners Mortgage: $121,000

Property Value $300,000

Tax Basis: $50,000

Additional Details: Owner is a friend and contractor that for tax purposes makes very little money <$10,000.

Looking to do owner financed deal as the current owner wants to avoid paying capital gains taxes.

Say 30k in yearly payments going towards principle paid off over 10 years, which would keep him under the 40k income a year to avoid capital gains.