In a perfect world an assignment (like @Chris Seveney suggested) would be recorded with each transfer of the note but in reality that does not occur.

@Chris SeveneyYou have to know why the owner wants to sale.

Quote from @Chris Seveney: @Jerryll NoordenI love this post!

Quote from @Chris Mason: Rather than starting with one lender and going back to the tenants, another approach would be to work with a commercial mortgage broker who will put the full credit package in front of 10 or a dozen lenders, and see what they come back with.For example, for scenarios like this, I've seen lenders come back and offer a new loan that has a maturity that's coterminous with the lease.

Depends on the state but it ranges from $800-1500+ and, as Chris mentioned, we have the borrower pay for out of the gross proceeds of the loan.

Quote from @Chris Seveney: @Douglas SchwartI would run from this deal.

My name is Chris, looking to start getting involved in making some passive income.

@Chris Blackburn, while I can't speak to this specifically, there are a few red flags I see in your post.1: A Realtor has to be a member of the national association of realtors, an industry trade group primarily focused on your typical home buyer.  

Thanks Chris, that's really helpful!

To add to Chris's advice - Consider your long term goals.