Carrying a Note

[Ricardo Olea]

Hey BP family,

One of my mailers might have produced a potential buy and hold deal for myself. Still being so new to the game I'm not to sure how to go about this.

The seller is motivated to sell, just waiting till the new tax year so he doesn't have to realize it on this years taxes. This is his last San Diego rental and he needs to max his net because he is retired and has a sick wife to care for. Currently he has had the same tenants for the last 3 years paying under market rent in the highly desirable SDSU college area.(about 500-700 under market). Built some good rapport with the seller. Property comps at 475K, built in 1952, looks like its well maintained. 

He said and I quote: "There's a good chance I could carry a short term, decent yield, 1st note on the sale; there are no liens (other than property taxes)".

So here are some of my questions:

How can I use this or what steps would be required to get this property for myself as a buy and hold?

Do I offer market value and come in with a deposit?

How long do you think he'd hold it for?

I'd obviously need to get another loan once the note ran out? How would that work?

So many questions on this, sorry if I'm all over the place. Background so you know what I do. Currently focusing on wholesaling however its just a stepping stone to get to my bigger plans of buy and hold investing. This just looks and feels to me like something I can use, if properly educated, to kick start my buy n hold strategy.

Looking forward to the feedback.

Thanks

Ricardo