Also you would not reduce the price because of the interest payment. that is not how it works.3. yes the note could be sold, but at what type of discount and what if the borrower stopped paying.while there are a lot of posts on seller financing, some estimiate less than 1% of all transaction have seller financing and the ones that do are first position only with an average of 30% down payment - most of these are to people who do not have verifiable income.Thinking you will get conventional financing then seller financing will be uphill battle as the conventional lender most likely will not approve a 2nd mortgage for purchase.not trying to dissuade you, just wanted to provide some key insights so you do not spend 1000 hours chasing something that is impossible to find.

It’s given me the opportunity to save and prepare for my next upcoming purchase.I’ve gotten the units from $750x2 and $800x2 to a consistent $900. current mortgage is $2500 monthly, refinancing to a conventional and removing mortgage insurance should bring me to $2100. 

I run sum numbers for you please see comments below before refinancing and post refinancing .If I were in your position, I would approach it as follows:Initial Investment Assumptions: Market Value: $360,000 Purchase Price: $360,000 Equity: $0,000Financial Breakdown: Hard Money Loan (LTV 100%): $360,000 Interest Rate: 10% (30-Year Amortization) Monthly Payment: $1,995Upfront Costs: Origination fee (1%): $3,600 Closing Costs (3%): $10,800 Renovation Costs: $10,000 2 Month of Carrying Costs During Renovation: $5,390Total Upfront Required: $29,790Total Capital InvestmentPurchased price $360,000 Upfront Costs $29,790Total: $389,790To make this investment work, you need to rent the whole property for at least $3,165/month, refinance it let say after one year with 5% interest with a traditional mortgage.Year One Rent: Monthly Rent Income: $3,165 Monthly Rent Losses during renovations (2 Months): -$6,330 (-$527/month distributed over 12 months) Total Rent Income: $31,650 per year => $ 2,638 per monthMonthly Expenses: Hard Money Loan Payment (10% Interest): $1,995 / per month interest only Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $292 per month Assuming 0% Vacancy first year Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $2,637Monthly Net Cash Flow: $1Post-Renovation Refinancing Strategy:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate your initial investment of $29,790 plus your 360k debt into a mortgage.

I am not aware of any local banks that offer a HELOC in FL however you can do a DSCR standalone 2nd mortgage up to 75% CLTV on Condos. 

The basics of a seller financed deal are that the title co or closing attorney (if there is one) or seller’s attorney draws up the warranty deed transfers title, the promissory note evidencing the debt related to the transaction, and either the deed of trust or mortgage (whichever is being used) perfecting the lien against the subject property.  

While we were in escrow, the title company discovered that the owner didn't disclose a second mortgage on the house to neither her agent nor the title company, her plan was trying to dismiss the foreclosure in court and hope this would go away before anyone would find out about it.

The LTV ratio must be:75% or less, if the seasoning of the mortgage loan is between two and five years.80% or less, if the seasoning of the mortgage loan is greater than five years.Hope this helps! 

No small hill to climb starting a mortgage/note brokerage.

Use tools like the BiggerPockets House Hacking Calculator to analyze deals, get pre-approved for a mortgage, and begin with a manageable property to build your experience.Good luck!

Mortgage payment of $870 PITI with 20% down at a 7.25% investor rate.