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Updated over 4 years ago,
How would you handle this creativly
I have a motivated seller that owes 140k on a multi-fam. Defiantly has differed maintenance coming due within 2-5 years.
This is a good cash flowing deal with some equity but do not have enough cash to go traditional.
I would like to do some kind of BRRRR.
I offered to her a lease with an option to buy. She seemed ok with me paying the PITI directly myself and give her a few dollars every month but didn't like that she would be overall responsible for any capex that would come up.
Is there a way we can both get what we want without too much risk? She wants to be relieved of property management and put some money in her pocket. And I want a cash flowing property with some equity (using no money down).
If there was enough equity would I be able to get my name on the deed and almost immediately do a refinance into a traditional mortgage?