Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

Quote from @Lori Edelman: Quote from @Katee Welte: As we recall Lori you chose to not use our services on your own.

I've heard nothing but complaints from customers AND their franchise agents reegarding the quality of their 800-number service center. 

For forming an LLC in Wyoming, consider these registered agents:Northwest Registered Agent – Excellent service and pricing.IncFile – Competitive pricing and solid customer support.Wyoming Registered Agent – Specializes in Wyoming LLCs.Compare their pricing and reviews to find the best fit for you.

If a person has to ask, at all, I STRONGLY advise to use a PM service for tenant placement. 

"To sum it up, your software is not nearly refined enough to be a paid service.

That person is responsible for anyone one else that comes into contact with your property.I suggest using a service like Mayistay.

I am not a tax professional trying to sell you my services I am simply providing my perspective. 

If you’re serious about buying properties and doing real estate, then I would suggest working with the CPA that understands real estate even if the services cost more than your average H&R Block or some TurboTax program you can buy.

Professional PMs use specialized tools to verify income directly with a tenant’s bank or payroll service, ensuring legitimacy.