Subject to scenario,needs some advice.

[Vladimir Gonzalez]

Hi guys,

A seller called me from a letter he got on the mail, He's an absentee owner with a 3/2 SFH and he's willing to sell me the house Subject to the existing loan. He pays a little bit over $600.00 monthly PITI and scrow, the house is rented until april 2015 for $800.00 and he wants the equity at closing. Equity is around $35K and owes 77K and some change.

However, I don't have the cash to pay the equity at closing and I'm looking to seller-finance that for 3 to 4 years. My questions is: Should I go ahead and sign a contract even though the cash flow is minimal and the renters will stay until april 2015? I'm not sure if I can afford the expenses until lease is over and I get a lease buyer next year.

Thanks