Elliot Lamson I love the book Owner Will Carry: How to Take Back a Mortgage Without Being Taken by Bill Broadbent I started reading this book when I was 19 and it got me stared in the note business...and it’s great for rent to own just for structuring a sound contract and if you need a bit more of capital you can sell to note buyers

Carry commercial insurance and work with a RI attorney.

I know that if I had a $250k house and someone offered me $100k down and wanted me to carry the rest I would probably do it as if the payments stop I could always take back the house.

You have to juggle development costs and carry all that until you can get the park filled.  

Odds are your city has regional/local banks that carry notes.

You pay the contractor and he gives you a release and the CoO.If this guy never worked on the property and filled a lien, that's frivolous and carries jail time.

A lot of people look at low entry prices, 2%+ properties, that things will be easy with a $14K home because you carry no debt, etc.  

Originally posted by @Carrie Sun:Thank you Joe for your detail and informative response.

in this scenario, the prior owner or bank would have risk of loss, and (assuming the bank carried an insurance policy) would be entitled to the insurance proceeds? 

It's barely NOW showing signs of life.I would love to have the owner finance the property for me, however, I haven't asked yet because I just assumed since the gentlemen is in the later stages of his life, he wouldn't want to carry a loan and would prefer the cash up front.