Most banks and lenders will not allow seller held 2nd mortgage/lien. 

This is why it is important to make sure your day to day operations are run properly and every vendor who performs work at your property and /or on behalf of you is properly insured and you are added as additional insured under their policy (not merely a certificate holder). 

We have a single door rental worth about $320,00 that will be paid off on June 1, a half duplex that is worth 260,00 with a $120,000 mortgage and our primary residence is worth $650,00 and has no mortgage.

@Kristi Tietz I've done some transactional funding for a few investors but I was branch manager for a mortgage broker in a previous life, so I'd overseen and fixed hundreds of closings. 

Given that we like skiing as a family activity and wouldn't mind moving to Colorado at some point this seemed like a potential option.Where I'm struggling on this is that it seems that the economics don't really make sense given property prices, mortgage rates, and occupancy.

Hi Everyone,I am looking to use my VA loan to purchase a condo/house with an assumable mortgage.

How can I introduce them to the proper documentation to and legal process for this?

Come to find out, it's because they want me to use their own mortgage company. 

Essentially, you'd be clear of the mortgage +10K upfront, and then you are seller financing the other 100K. 

I am a licensed mortgage broker for residential and commercial mortgage loans.