Look for owner finance, lease option or other creative financing method.

Would you take the $195k as hard money (13%-15%) interest, arrange some sort of profit share on the back end when the house is sold or any other creative ways?

We do currently own our home (condo) and now that we are to one income not sure how traditional financing will go so I have been researching seller financing or other creative forms of financing.

Additionally, if the Seller has any equity in the property, you will need to be prepared to pay the difference between the mortgage any market value if any.Because mortgage rates are so low, it may be a better idea to just purchase the home under a new mortgage and have them pay off their USDA loan.

Otherwise, people don't think about it, and aren't prepared.

I'm not a Doomsday Prepper and I don't have a "bug out bag", but I like to be prepared.

Basically I just signed up for the Joint Venture program with Richard Roop who leans towards owner financing using creative strategies and a long term hold approach.

It gives you exactly how the letter should be prepared and what wording it should contain.

If not, then you will have to prepare a new lease and make all three parties sign it.

Confirm everything, assume nothing unless you're prepared to deal with the risk should your assumptions be wrong.