@Annchen Knodt
Earlier this year, I completed the sale of a rental in Houston using a wrap-mortgage. In Texas, I learned a Title company can handle such a transaction. However, I hired an attorney to ensure my interests were covered (as the Seller). The attorney had me use the Texas 1-4 Family Residential Contract. Here's a link to forms authorized by Texas Real Estate Commission to familiarize yourself. Your attorney will have appropriate forms as well.
https://www.trec.texas.gov/forms-and-contracts
After doing additional research, I identified terms and provisions important to me to further mitigate my risk than whats in usual docs like Deed of Trust, etc. This list went to my attorney to ensure they were either not needed or added into final docs. My attorney dealt with the Title company attorneys in finalizing all appropriate documents.
For me, a proven and skilled real estate attorney plus a professional and proven Title company for this specific type of transaction was a must. In Texas, these kind of transactions are not as common as NC. So find the right professionals to assist you in Closing the deal out.
Secondly, be wary about when and how much you will be able to receive your investment funds back in a cash-out re-fi. I have an investment in North Carolina that I purchased and rehabbed, all cash. Initial conversations with BP'ers and some lenders shared that, in general, the lending community will only cash-out to finance 70% or so of the original purchase price within first year of ownership. More research is necessary.
And third, Brenham is far from NC. Are there better options available closer that can be managed easier? Just wondering out loud. I have family nearby so I'm in Brenham once or twice a year. A great town that is growing.
Best of success to you!
