Why not stretch out the loan and remove the balloon to make even more money.@ 9% with a 10 year loan he will be paying roughly $880/month and will pay you $110,000 in total.

Your far removed,, and if your mother is ONLY 60,, you got a long ways to go before you may inherit it..don't throw dirt on her yet:))If you inherited the property after her death, any and all expenses would come out of her "estate" to cover the cost of the mortgage,, you could be required to  sell the property to cover the balance due on the mortgage note., or you'd need to qualify for financing on your own to cover the note. only way around this is if your name is also on the deed before she would die,, but this makes you responsible also for the debt as co-owner so if you apply for financing somewhere this is gonna reflect on what you personally want to buy.. 

It's a really good deal and I hate to let it go, here's what we've come up so far. they find the money (I'm guessing unlikely),Get the bank holding the judgment to take less, or get the 1st position bank to remove fees and interest for non payment, hold a note to a very qualified co-signer (if I can take first position on their deed)Anyone else have other clever ways they've dealt with something like this?

24 unit 3 buildings 8 one bedroom units each Appleton Wisconsin asking price $987,900Total rent income $142,718Yearly advertisement $500Yearly tax $18,431Yearly insurance $6750Utilities yearly $18,409Annual grass and snow removal $666Annual supplies in repairs $1725Total expenses $46,427NOI of $96,291Giving this a property Rate of 9.75%

Howard,Seems like my last post got removed so ill make it short and sweet.

You may be required to remove a unit, go through a zoning variance or who knows what..... do your homework! 

Sometimes they will if you pay cash, thereby removing debt service from the equation.  

In order to make the aforementioned possible, we have chosen to go with remove the formal dining room since they are so passé these days and enlarge the kitchen and incorporate it into the family room.

Size:  Above Ground 1,660 sq ft/ Unfinished Basement 350 sq ftI'm looking to update below items:Exterior: New roof and window (as needed)Yard: Cut big 2-3 trees in the backyard, clean front yardInteriorBasement needs mold remediationNew kitchen (cabinet, appliances, & etc)New Bathroom (2.5)Move/remove walls Add ceiling wallAdd insulationelectrical work (if needed)plumbing (as needed)new paintNew floorIt pretty mush needs a complete renovation.

Size: Above Ground 1,660 sq ft/ Unfinished Basement 350 sq ftI'm looking to update below items: Exterior: New roof and window (as needed)Yard: Cut big 2-3 trees in the backyard, clean front yardInterior Basement needs mold remediationNew kitchen (cabinet, appliances, & etc)New Bathroom (2.5)Move/remove walls Add ceiling wallAdd insulationelectrical work (if needed)plumbing (as needed)new paintNew floorIt pretty mush needs a complete renovation.