Show the seller what he will receive over the period of owner financing --if seller took back $100,000 @ 8% interest, interest only payments, paid monthly with a balloon at the end of 60 months - would look like this 8% x $100,000 = $8,000 a year ($666.66 a month for 60 months = $40,000 plus the principal balance in a balloon payment of $100,000 - so the seller get his equity of $100,000 plus $40,000 in interest) these facts can be very motivating.Seller needs to know about capital gains and the benefits of seller financing and installment reporting.Seller can use the financing note as a down payment or other real estate or sell the note at a discount.Seller can split the note - 4  $25,000 notes or 2 $50,000 notes - again these notes can act as down payments  deposits on other real estate, sold or retained as monthly income or given to relatives as gifts.When seller financing is accepted - you may want to consider the following agreements or clauses:Always build in a discount in the event you pay the note off early (big savings here).Always make the mortgage a First Subordinated mortgage - this means that if you refi - you can place the seller's mortgage in 2nd position - since a lenders usually wants to be in first position.Make that mortgage fully assumable with release of liability - that means when you sell the property, your buyer can assume it, and you are released from the obligation (this is good)When selling the property - you can do a wrap-around - meaning if your interest to the seller is 5%, you can wrap the mortgage at a higher rate - like 10% - that means you are making 5% on money you owe - this is sandwiching the mortgage (this is good - never stop negotiating)Build in a clause that allows you to walk the mortgage to another property with equal or greater equity - this is called substitution of collateral.

I have been investing in real estate for 14 years when I joined a program to learn large scale multi family Syndication, and I cannot imagine a substitute for what I learned there.

But no substitute for detailed planning with a knowledgeable attorney.

Approvals USUALLY have the buyer's name in it, so Daniel Cook is allowed to buy this property and in some approvals it specifically states another buyer cannot be substituted.

But for rental real estate, and especially a complex return, there is no substitute for a knowledgeable CPA.

There is no substitute for being physically present with experienced investors.I'm always happy to help point you in the right direction for resources or tools on BiggerPockets that can help you with your REI goals!

To add to what Guy mentioned you should learn to do your own title searches before buying NOT as a substitute for title insurance, yet it lets you know whether or not liens exist and what they are.

Of course this is not full substitute for a full time and qualified PM.

This would really be invaluable...not substituting my attorney, but she is $300 an hour and bills at an hour minimum for work...I wouldn't have a problem paying $9/mo. in addition to my PRO membership to have an expert help out with some technical questions...Cheers!

It is by no means a substitute for running your own numbers and due diligence but I run the report any time i'm serious about a property and personally think is $20 well spent.