But the seller was firm on his price ($1.4M), yet he did agree to let me take over payments of the existing balance ($990K) and he would carry the difference with no interest or payments until I can cash him out.Upside: The seller purchased the property over 10 years ago for $1.4M and has never increased rents, fill vacancies, or off-set expenses to improve the value and Net Operating Income.Exit Strategy #1: Buy & Hold.

Maybe I could ask the motivated seller to carry a second?

I have purchased with seller financing with $10k down, and seller carries the balance for as low as 4.5%.

But of course you want to build to meet demand so you don't have excessive carrying costs on your standing inventory.

I am financing the purchase, rehab, and carry.

Or write a check from your checkbook (you carry blank checks for emergencies right?)

They carry lots of insurance.

I know that I am giving up money.There is obviously HOA and other carrying cost, how long do you list before you sign a temporary lease?

If you are going to flip the house most of the above would pertain as you don't want to carry the property for a lengthly amount of time.

In practice, they should conform to conventional mortgage and notes, but probably be as simple as possible.As a borrower, I am securing private financing primarily in two forms:1) Vendor Carry / Vendor take back - Financing of up to 5-years, preferably interest only, carried by the vendor on the property.