Real life example of owner financing need your kind advice

[Ran Fridman]

Hello BP community, I'm based in Chicago, Cook country I have deal that is not on MLS owner have clear title and apartment is paid off, I check owner properties tax was not paid for 2015.

I think ether he forgot or have financial situation, title is under his name. I want to offer him owner finance where I will pay off the property tax due and make down payment and set up monthly payments.

What are usually good terms for down payment and % for owner financing. Where I can get owner financing contract and purchase contract ?

In this situation I don't need real estate agent right ? What lawyers or title companies I should use to secure this transaction will go smoothly and what they fees are more or less so I can put everything in BRRRR calculator, we plan to rehab this apartment and then rent out to students for our Chinese investors clients.

Thank you in advance and will wait for your kind reply,

Ran Fridman 

[Michael Johnson]

umm, I dont really know, but as far as contracts go..

I am going to pay whatever attorneys necessary.. the protection and calm mind would be worth it..

be safe. good luck.