That just means a 401(k) or IRA or pension plan who will lend to you at a decent rate.

If I give 300 k she will hold the note of 500k .Thoughts, feedback ......Public sewer and water. 

To Katey K and Rae, the 2 folks on here from NRIA.

@Noi K., I did not end up using them, as I’ve still to list the house in any method.

@Jonathan K.

Hi Jason,A Solo 401(k) plan with you as the Trustee usually provides the investor with the most control available. 

TIA.If you want this house (that's the first question) and it has some cosmetic deficiencies and it's in a great neighborhood, I would offer him a lower sales price (like 30% lower if that's more in line with what the property will appraise for), take his financing if:there is no prepayment penalty and it's 100% financing the cash flow is acceptableand then refinance it with a lower rate product with no seasoning on title or wait out the conventional seasoning period and refinance it with a Fannie Mae loan. 

With a value of $240 K and rent at only $1800 the numbers simply will not work.

Rob K I got my signs from signsonthecheap.com.

If the property sells for less than what is owed, the lender can get a deficiency judgment which can be used to attach other assets / wages.If you work with your bank on a "short sale", which means selling your house for less than is owed prior to foreclosure, then usually part of the deal will be an agreement by them not to come after you for any deficiency.