If you carry a second mortgage then you can foreclose if she doesnt pay you.

However, it does not always make financial sense to empty and gut the building to carry out a deep retrofit (and even when it does, that initial whooshing roar of capital flying out of your bank account can be unsettling).As of late, we have been purchasing rather, to very, unloved buildings with plans to (eventually) perform deep retrofits on many of them {where the increase in the property performance will pay-back the investment in a relatively short period (say 3 - 6 years) versus the planned hold duration (i.e. 20yrs).   

I hope the condo would sell without carry back need... but am willing to try this alternative.

Furthermore, I've yet to find a calculator where I could explore financing with additional seller carry back (say a note for 50K after the sale) using a fix and flip strategy.

All my properties are small multi families and all are carried on commercial loans... oops take that back, the very first property I bought was bought using a personal loan.

Hello Everyone, has anyone converted or tried to convert a Multi family (Triple Decker) to condos while carrying a Mortgage in Boston/Mass?

we all don't have crystal balls into the future.. but I think the only risk in this is sub prime is sub prime and that always carries risk.. 

I had them in a rental once when a tenant carried a bunch of cardboard boxes into her unit from the recycling center.

It might sound expensive but this is off the books money and that carrys a lot of weight to me, not having my credit dinged or showing a brand new loan on my credit report bringing the score down when i go to finance it long term is a huge help if your financing in your own name.

Ive considered making an offer contingent on owner carry for 1 year or some similar arrangement.