What happens when you have to take that property that you did "minimal work" on back when the buyer defaults on the note you're carrying?

Some suggestions I got from a friend who invests in Philly: 1) Try asking the seller for financing If they have equity in the property and they are an investor they may want the option to carry a note at 6% 2) Try taking out a HELOC (~4% interest) I have another property with ~250k equity, but I maxed out the loan amount on this triplex and that is really risky to try to get a HELOC because I could get denied with the new loan.  

Insurance in your name is carried on the property.  

I have a hot hotel deal that I am looking for a JV partner on$685,000 gross room revenue $100K down owner will carry$11K monthly payments 2016 $358,000 positive cash flowDavid 714-927-3278

If you want to go far, go together." is so true for rental properties.I have a day-to-day partner who has carried more than his fair share of the load.  

. :)  Edited: Yes, personal transactions that don't run through the broker are not covered, yet, he still has "vicarious liability" for anything real estate related that an agent does, you also carry that broker's name, good will, reputation with you everywhere as long as your license hangs there, it doesn't matter if you are acting in your own interests, you're still dealing with the public. :)

I would check into the other products that allow 5% down for a 1-4 unit... smaller credit unions around may carry them.

I realize that in dollars it seems like a lot of money (if you're new to the game) but I have learned to go in to my deals with a conservative mindset.While the ARV estimate is $600k to $625k, I would expect to sell at the low end of the range because the house is "market weary" and we are entering the winter season.I would also expect to invest more into repairs & renovations than $25k because inevitably something else always comes up.And lastly, when a deal has monthly carrying costs of $3,000 it doesn't take long to drain the profit bucket.So for me, this is a skinny deal.  

@Carrie Oelrich Welcome to Biggerpockets.

Just got, 10K down payment on owner finance deal and I'm carrying the balance for the buyer at a monthly note to cover payments.