Need Help - Potential $1.5m Deal in Oklahoma

[Taylor Tully]

Hi BP, My name is Taylor and I need some help on a potential $1.5m deal south of Oklahoma City. I live north of Ft. Worth, TX and am new to RE investing so I have some questions on how to make this all work. The property is owned by a friend of mine that is motivated to sell and is open to selling on terms. Again, he is a friend of mine and I would like to be as fair to him as possible. The property is a 300+acre ranch with a beautiful house garages, barns, shops, meeting pavilion and guest cabin. It's worth $1.5m with a first lien from a bank for $1m on a 30yr, a 2nd lien from the original seller (carry back) for $250K on a 5yr. My first question is: 1. If he sold on seller financing/wrap note, and someone had enough down to pay off the 2nd lien, could they do that privately or would the first lien bank have to approve it? 2. Would the 2nd lien holder need to file a quitclaim deed to relinquish their lien? Also, my friend obviously wants the rest of his $250K he has in the property. What would be the best way to go about this deal to make it good for everyone? Any help would be appreciated, including an attorney who could write up the deal. Thank you