Concentrate on knowing local market dynamics, financial planning, legal and tax implications, and long-term objectives.

Remember, hard money loans are typically short-term (3-18 months), so make sure your flip timeline aligns with the loan terms.

You could take them to court but it's likely not worth your time & effort.

The private investors form an LLC and get standard loan terms in a promissory note without equity or profit sharing. 

I also wouldn’t even know where or how to start with seller financing, how to come up with the terms, etc.

I have used the bigger pockets residential lease for long term tenants but doesn’t seem to be for month to month any and all suggestions would help! 

In this section, I want to emphasize the benefits of seller carry financing, share success stories where it enhanced the deal, and highlight the tax advantages of utilizing a 1031 exchange.Seller carry financing is a powerful tool that allows investors to purchase properties with flexible terms and minimal upfront capital.

This will be a long term rental that we plan to keep for many years. 

Some details on the deal below:Mortgage rate on the property: 3%Monthly mortgage payment: $1200Amount owed on mortgage: $230KCurrent property value: $370KEquity: $140KDue to the low mortgage payment and high rent potential in this neighborhood I would like to assume this loan and rent this property out as a long term rental. 

We are looking to buy multifamily properties and get away from long term single family rental houses.