The buyer may pay off the remaining balance at any time without penalty.2.Late Payment Penalty: A late payment fee of 5% of the overdue amount will apply if payments are more than 10 days late.3.Loan Security: The property will serve as collateral for the seller-financed loan.Hey @C.S.

Non-recourse has less personal exposure, but you need a very strong balance sheet to secure this without bringing in a KP.

If it does you have zero asset/income, a much larger debt secured by your personal residence, at just the time you probably also lose your job due to economic conditions, and all those nice folks teaching you about sno ball, infinity, you’re your own bank, etc., will be long gone.  

I wish I could make it simpler to understand, but I am at a loss if that isn't clear enough.In one year's time, we will have a much clearer picture of how many people in D.C. who collect a W2 from the government (not including welfare, Social Security, Disability, Graft, payoffs, etc) have "left the payroll". 

The program had a blue print for securing your first deal in 90 days.

Could any of you guide me on what I should do initially to secure financing?

@Chris Seveney @Nathan Gesner The owners offered to cancel their lease and return their security deposit in full.

Since they are responsible for maintaining the relationship with you after the transaction closes, this approach adds an extra layer of confidence and security to your investment. 

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

Security deposits have to be held in an escrow account disclosed to the real estate commission which requires a yearly report and all leases need to disclose your license information.