What are the issues with this note.

[Michael Lauther]

We are trying to settle an estate: 3 siblings want to hold a note for a 4th .

Property is appraised at $360,000

3 siblings will hold a 270,000 5% interest only note with a 5 year 270k balloon.

Taxes on this property are now $,8,000 and insurance is $2400.

We will escrow taxes and ins.

Questions:

What are the issues if any re the note we propose?

Is there a 3rd party that could be paid to administer and if so cost?

Are there legal issues?

would a note like this be marketable and if not is there a solution that could be marketable?

What income and credit score would be necessary to re finance out of this note in 5 years.?