I have about $120k left on seller financed loan and the house is worth $280k.

For stable markets, consider places in the Midwest or Southeast where properties are more affordable and rental demand is strong.

About 80% of the ones I've seen have fallen through, and many of those were losing deals for the seller.

My take: Gather intel on the area (neighborhoods, tenant demand, property management), have a game plan for your numbers (cash flow, maintenance reserves), and adapt as you go.

Although supply and demand of 2nds ebbs and flows, we're still finding that there are plenty of 2nds out there today and expect more to come.

@John MucilliLets be honest, its very rare that a potential seller calls from one postcard.

Buyer of note thinks seller still carries the insuranceWe sold a loan once to someone and a few months after we sold it the buyer of the loan called us asking for a copy of our insurance.

Do I need the seller to provide me with the mortgage documents and have a lawyer review?

Online Lead, Probate court, Seller needed to sell quickly.

To evaluate Real esteate deals for creative financing, start by identifying seller motivations i.e. financial distress, desire for passive income, do they need a downpayment on their next house, etc  and property factors like equity or existing financing terms.