Thanks, Gary Neely Gary, Just use you standard state contract and write out the terms of your seller financing in an addendum or on the OTP itself if there's lines for additional provisions.Be clear and concise.Example,Seller will carry a promissory note secured by a 1st position mortgage in the amount $97,583.00, at 6% interest, amortized over 30 years, witha a maturity date and balloon payment due 10 years after the closing date.Hope this helps and certainly get an attorney involved if you are not comfortable drafting the language.  

Flex prepays (stepdowns, etc) are available but will cost additional bps.

Investment Info:

Townhouse fix & flip investment.

Purchase price: $115,000

Cash invested: $35,000

Sale price: $240,000

Move in ready, fully renovated townhouse, 2 bedrooms with 2 1/2 bathroom...

So they pick off a bunch of non equity homes  ( like what is going to happen in todays market  with many starting out that just want to land a deal and own doors.so they do about 35 of these over the course of 18 months  average delta is 200 to 300 a month and of course the drip income folks think Hey no money down and most of these were the no money or very little down variety since they had no real equity.

Especially since we've all heard of horror stories involving tearing everything apart to have it inspected, and re done.The other thing I have heard is "it will only be valued as a 2 bedroom 1 bathroom" even though the appraiser will physically see a 3rd bedroom and an additional 3/4 bathroom.

oh yea, I recently started my own business (2021 was my fist year in business, commercial door company, non real estate related venture) and gave up my w2 income and was already denied another refinance on my primary due to lack of self employment history. this was with the bank my business uses with and they want 2 years of self employment income on the books. end of 2022 will be 2 years so financing may be an issue if I want to 1031 now, but i havent really thought all of that out yet either. 

There were some minimum requirements: Net work >$250K, Net income >$70 for 2 years, a few other things.

We still wipe down each doorknob and cabinet handle in addition to all the hard surfaces used often.

As far as the objective Medium and long income through rental income, appreciation, and to have a stable cash flow. 

It will be extremely challenging to get a conventional/govt/portfolio loan for residential RE on your own without current income, and less than 25% down worsens this outlook.