Even with having my minimum qualifications posted on everything, I still have unqualified people who call.

I will have to clear this with the lender to see if I can take on another "loan" to see if that throws off my qualifications as I do have a hefty amount of student loans left that are weighing me down a tad.

Ester - there are times when lawyers don't have all the answers when it comes to seller financing - if they did - they'd be investors -Sure they can write up a mortgage and note any lawyer or title company can do that -What you need to think of is how can the seller financing help you now and in the future -The best mortgage you can have with a seller is one with no interest - it is called a principal mortgage - all payments go to reduce the debtIt should be fully assumable without qualification - this will help you if you offer the property for sale in the future - built in financingThe interest rate - if you have to go there - should be as low as possible - so that when you sell in the future you can do a "wrap around mortgage" and make interest on money you oweYou should have a first right of refusal in the event mortgagee decides to sell it at a discount - you get first wack at it.You might want to consider a "Stutter Clause" this lets you miss one payment a yearthat mortgage should be a "subordinated mortgage" this lets you refinance and put the owner financing in second position.Put in an early pay off discount - so pay it off early and take a 10% discountU may want to make that owner financing a personal note - not a secured mortgage -- this way you can refinance immediate and walk with some cashYou could secure that mortgage on another property you own or a partners property - this frees up the equity to refinance and walk with cash (to be used to invest in other properties)You could ask for a delay in mortgage payments for a few months - gives you time to flip it without paymentsyou could ask for interest rate at "prime rate" this is what banks borrow atMaybe NO payments for 2 yearsI know I have some more ideas - but can't think of them now (when you hit 74 y/o you sometimes forget all those great method of making money in this business.)They are some ideas - hope they were helpful - call anytime if you need help.Charles

All the usually qualifications come into play.

There are advantages and disadvantages depending on your qualifications / needs.  

Brandon Turner wrote a book called "The Book on Managing Rental Properties"In that book he references the following on page 97:Another important qualification requirement is to require a background check be completed on all applicants over the age of 18. 

Anything under ten is actaully quite straightforward assuming your qualifications are in order.  

Here is my situation: Currently looking at a 4-unit deal, the property meets all necessary qualifications for the FHA program and I meet the requirements for the loan.

@Ashley Pittman,Depending on the lender you work with you can have at least 4 mortgages in your name assuming you have met all the lender qualifications for income, debt ratio, credit score, etc.

That gesture almost always relaxed the seller and the apprehension largely disappeared.great information, thanks a lot.I didn't understand the life insurance part, how that work and comforts the seller. i can buy the property cash or finance it too, no issue about the loan qualification, but just don't think at todays hyped up prices 7% interest rate can work,