Would the seller entertain a seller carried note?

As my good friend and one time landlord of over 100 houses, Mic Blackwell says, "You can't pay for this kind of entertainment!"

I also have a good network in Chicago and interested in both markets .I little about my self I own my own entertainment company in south beach.

About a month later after marketing I received a call from an absentee owner and she wanted to sell a luxury property and she is willing to entertain offers (as she did not receive any offers and only had 3 showings for the 4 months it was on the market).

Now if you were proposing to flip these houses and your detailed numbers showed the all in costs would be 60% ARV, that we'd be out in 6-months, and you had the track record to back-it up, then I might entertain putting up all the money, but you can rest assured, I'd be looking for my pound of flesh to ensure the risk was worth it.Now, it your lender is willing to put-up 110% of the acquisition costs, let you rehab, and maintain title/control of the property, you are a lucky man and better treat this lender as well as your Mom.

I'd be worried about Reserves.Thanks for entertaining My education.John

@Darren Sager Using a drain coil type heat exchanger (perhaps 2-4 in parallel) is one option we are entertaining.

In total we spend about 7,000 per floor on furniture -- that included 4 beds frames, mattresses, desks, dressers, chairs, floor mats, 2 couches, coffee table, end table, and entertainment center.Here's what we found:Pros:* Shows great because everything looks new, so I can command top rent for my area* Furniture is cheap so if it gets broken, it's easy to take out of the security deposit* Couches are easy to clean* Nixs and dings are easy to cover up with a markerCons:* Takes a long time to assemble all the furniture.

I have seen some sellers in this case taking a year or longer to get it going well again.Not saying you will do this but this is worse case scenario that sellers think of when getting asked to do these kinds of things.It would help if you have equity built up into other properties the seller could attach as security ( cross collateralization) in case something goes wrong.I wouldn't get too deep with this until you know the seller wants to even entertain such a thing.

Very entertaining and educational.