Rent to Own

[Cheryl M.]

I was on a conference call the other night and they had a discussion about a deal. The house is worth 145k but the seller only wants 124k, it's open to seller financing also. After structuring some offers to the seller to have principal, interest, or payment, the idea was to either put a renter in the house for 124k @ 500/month or even better with 100k @ 650/month rent. I got confused when they talked about cashing out. What is does that mean and what is seller financing? I have an idea but not sure. Thanks.