Might be a way to earn some extra dollars and get some RE experience.

Hey BPer's,I am currently looking at some new ways to finance buy-and-hold properties and I was wondering if someone can help me with the details of how owner financing and seller carry back financing works.There are a lot of forum posts about these strategies that are very high level.

I have the experience in remodels and have wanted to see if there was a way to make extra money in flipping homes.

PM me if you want details on the program.

Plus they are getting into extremely detailed questions like what type of piping, electrical, etc.... 

At 80% LTV, this would give me a loan of $68k, enough to pay back the Home Equity Loan and essentially acquiring the property with only $2000 (Plus holding costs of Home Equiity Loan + extra interest to money partner). 85% LTV would be really nice as it would give me more wiggle room with extra unforeseen expenses/costs and perhaps need no money out of pocket.  

@Josh Carr, Thank you very much for great details... few more questions...Once we win auction deed, we need to manage properties like insurance, maintenance?

Reality is they'll probably never sell this property as-is for 20k, but due to my involvement I know all the details to justify that cost.I'm looking for suggestions on if this deal could even happen, would anyone fund something like this in Illinois?

Depending on when and how notice was given to the tenants, it could require you to wait an extra month or so.Good Luck

That would probably be an extra 7k.