Of course a quick call to zoning to find out eich zoning codes allow your use is the preliminary step.Once you have identified the parcel to pursue send a quick interest letter to the owner.

Was the loan a balloon?

Then I would follow that up with the written lease violation letter to document everything. 

In my area they will send a letter with the maximum amount they will allow the tenant to spend in rent.

Post a letter stating you have taken ownership of the property as of a certain date and that market rent of $XXX is due from that date forward.

Make sure to keep your formation paperwork (EIN letter, articles of organization, operating agreement) handy - the lender will need those. 

He was looking at purchasing a seller financed house with a 5 year balloon.

Location: Chesapeake, VA (large military town) Market Value: $360,000Loan Balance: $245,000Equity/Second position note: $115,000 (30 30-year amortization / 10-year Balloon Payment, 6.5% Interest, $727 monthly payment) - Bringing cash for this would save a ton of money for the buyer.Rate: 2.25%Years Left: 26Current Monthly payment: $1,300 (including taxes/insurance)Current Rent: $2,000Scenario 1: -If you were to purchase with a new VA loan at 7% interest at market value your monthly PITI would be approx.: $2,757-If you were to assume the loan and I carried the second note at the above terms your monthly PITI would be: $2,027Saving: $8,760 per year.Scenario 2:-If you were to bring the same $115,000 as a down payment on a conventional loan you would pay: $1,992-If you were to assume the loan and bring cash for equity position your monthly PITI would be: $1,300Saving: $8,304 (with no need to refi in the future)Since this is a hypothetical situation I'm going to give my number based on nat. average homeownership of 13.2 years.

I.e Balloon payments, interest ratesThanks,Court

Hi Guys,I never wrote a letter for this purpose before, please advise if this letter is appropriate.