Hi REI Family.
I am VERY new to the business and this is my first deal experience. I had a property under contract to assign but needed to cancel that contract after the 14 day contingency after my due diligence gave me more insight about the deal and the seller did not want to renegotiate the contract. However now the seller is interested in accepting seller financing. The place is great as a buy and hold rental but selling is slow in the area. So right now I want to proceed in this manner but need help with the type of note contract to use and once the note is signed how to proceed? I was also wondering how does the owner go about giving me the deed of trust? Can I use my standard sell and purchase contract and add the terms, etc? HELP! P.S. the home is in NJ.
