Creating a note in order to sell it.

[Joe S.]

So I have been thinking the last number days about a particular scenario. I have a property that I could sell for somewhere around 400 K with owner financing. We have found it for number years so the value of the property has went up plus I did an extensive rehab.

I owe about 215 not counting the last rehab that was about 60 K out of pocket. However, I’m only counting the 215 that I owe on the underlining.

I’ve never sold a note so going to ask some information from the experts.

What would I need to do to structure the note in order to have a note buyer come in and buy the note or buy a partial enough to pay off the 215k at closing and still have some difference coming to me or the note revert back to me after the partial was paid for. 

I’ve never sold a note so I’m not sure how big of a discount a note buyer would demand.