If you assume the loan then it is a qualified assumable so have to jump through many hoops and it will end up on your credit which may effect your future transactions.  

Seller finance deals work when one of the following situations is present1- property can’t be financed with institutional financing usually because property is vacant (commercial property) or in bad condition2- seller will only accept an above market price for the property and by offering seller financing opens the universe of potential buyers to include people who wouldn’t qualify for financing3- seller is able to obtain a “piece of the action” from a buyer rehabbing the property and hence ultimately obtain a higher price.4- the seller has an existing low interest rate mortgage and wants to “wrap” the existing mortgage into a seller financed higher rate mortgage and pocket the differential 5- property is an investment property, seller has a low basis in the property because of depreciation, and wants to spread out the taxes due.Are you thinking of trying to purchase with 100% seller financing, or are you able to /willing to offer a down payment of say 10-20% .  

If someone says 5 or 7%, they may or may not have decades of experience behind them to qualify such lower numbers.

I originally planned to get a refinance loan on this house when rates were 3-4%, but the property was in such bad shape the banks kept rejecting my requests for loans once they saw the condition of the property, and I couldnt qualify for insurance at that time.

Many lenders will even utilize proposed or STR income to qualify. 

There are many variables of course such as the type of loan you qualify for on the exit and debt service.

It’s important as a limited partner to be sure that the sponsor/general partner is qualified and that the deal and market are a fit as well.

You have the money trapped in an RE that can be used to purchase near term assuming you qualify for the loan.  

The study identifies with forensic engineering detail the immediate Bonus Depreciation 5, 7 and 15-year personal property class lives qualifying portions of a building that are normally buried in 27.5 year residential or 39 year commercial categories.

Also your lender should make you aware of the fact that you can even get an income credit for the departing residence to help you qualify for the new place.