Has anyone structure a Seller Finance Taking the Equity out?

[Guillermo Zuluaga]

Hi All,

Has done or come a cross Seller Finance taking Equity out?

My friend has a Condo Free and Clear Condo.  He wants to leave the Country by in few months. According to the IRS he is only allow to take up to $250.000 out of the country tax free and property is worth $420.000.  He is willing to compromise on an sell price way below of 350-375K.. The fact is that I am newly divorced and my credit is shot. I want to be able to move in the property. 

I've asked owner to take up to 80% = 310K of the Equity on a HeLac and rest seller finance...

Can anyone elaborate? 

I know about the Due-on Sale Clause. 

Cons and Pros?

Thanks,

Mr. G