There may be something called a "Due On Sale" clause.Check and see if all tax parcels are included in one mortgage or if they have separate mortgages.You have to have him spell out what he considers to be a "partial seller financing".

How would this be accounted for for general accounting and taxes?  

They remit the taxes.

Taxes : Taxes have been a brewing crisis nationwide for sometime, Chicago is another prime example of a major municipality struggling under high debt load.

During period of low interest every post on BP was about cash flow - now that cash flow upon acquisition is dead the only option is equity which is also reeling because price appreciation is finally back to realitypersonally I buy for growth because I buy to hold for 10-20 years or longer.

Creative financing can help sellers make more money, solve pain points, gets them the money they need, and help them avoid a high tax bill.

.🔹 Property Tax Relief – If your property is severely damaged, you may qualify for reassessment and potential tax refunds.

Of course to maximize your tax benefit it needs to be sustainable over time. 

Finally, always get the credentials to access the mortgage account online and change the email notifications to your address.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).