Should I do a wrap? Advice needed.

[Dale Overbay]

I've done some research on wraps and I've got a couple of questions. I'll try to keep this concise, so here are the facts:

I purchased a 4-plex a year and a half ago. I got the owner to carry at 7% for 25 years. Obviously, I am going to attempt to renegotiate the loan amount in the future and get him to settle. I am now considering selling with a wrap mortgage.

My question is if I do a wrap, can I still negotiate down the original loan in the future and keep the savings?

What is a reasonable percentage rate to ask for with a wrap?

Any advice or pitfalls I'm not seeing?

Thanks!