The money source is essentially the same for the duration of the mortgage.  

If you're planning on moving anyway, like everybody else is saying, wait at least until the 2 year residence duration is up, and take advantage of continuing price increases this year.

The notes on lending club and prosper another peer to peer lending company have loans that have 3or 5 year durations but both companies have a secondary market to sell your loans on if you need to liquidate sooner than 3-5 years.

(keep in mind this is seller financing)Here's my offer:Selling Price: 20,000 (It's in an up and coming area in Virginia)Down Payment: 5,000Interest: 5%Duration: 5 yearsSeller's counter-offerSelling price: 22,000Down payment: 10,000Interest: 5%Duration: 5 yearsCREDIT REPORT (my credit is good and I have plenty of disposable income each month)$500 of warranty (which is $640 yearly)My OBVIOUS or OBLIVIOUS (haha) questions are:1.

Anyone know if I have to live here for some duration before refinancing?

I suspect that this may be a scenario that he is more likely to consider after a duration of me pushing the house enough to get a decent amount of interest and he realizes that he's not going to get what he's asking on it.My question has to do with the method by which I would endeavor to sell this house for him.

What is the duration and scope of the agreement?

.)** My biggest risk is this - if the business is not successful, I am personally liable for the lease payments of $4800; lease duration is 5 years.  1400 sq feet in Columbus Ohio.   

.)** My biggest risk is this - if the business is not successful, I am personally liable for the lease payments of $4800; lease duration is 5 years. 1400 sq feet in Columbus Ohio.

Out of the four tenants, two have lived at the house for the entire duration of the three years they have been renting from me, and two recently moved in a year ago.