Wrap on 2 properties, 4 Mortgages-Ideas?

[Dan Walters]

I have 2 properties that have been rentals that I am now advertising for sale on MLS. I haven't had much activity on either, so I began advertising as owner carry.

Each property has 2 mortgages, one of which was financed 100% in '06. The other has about $10K in equity. One buyer is interested in both properties. His intent is to purchase them on a 20 yr note and have them as rentals.

Both 2nd's mortgages are 30 amort. w/15yr balloon at 9% and 13.75%.
What is the best way to structure a wrap with both properties having 2nd mortgages?

Market rents for both properties are $650 and $575.

What would be a fair interest rate w/buyer coming in w/3% down?

Thanks in advance,