Things come up though, so you are likely going to have some unexpected surprises.4) Plan out your carry costs as part of your budget.5) Make a schedule.  

Not matter if its a one off seller carry back, land contract, or a large mortgage institution.

So, how long can you afford to carry the property if the tenants stop paying rent?

If the seller is willing to carry back a loan, that's where you can really make this deal work.

Hi there - thought i would ask the bigger pockets community in case there is someone who has done this before - I own a 4plex with my sister and ex-brother-in-law. they want out, so I want to buy their shares. they each own a quarter. i will assume their portion of the mortgage loan, but they also have some equity, i'm thinking about 40k to each, and they have agreed to carry that loan with seller financing over 10 years. but my question is, in this scenario, can the loan to them be secured by the property?

Hello BP Community - I am looking to insure a brick 3250 sq. ft. 4-unit in Midcoast Maine and the best quote I've found on a DP3 policy is $1,700, which includes full replacement cost of $564k, 10% rent loss, $1 Million liability, $5k personal property, $5k medical, $5k deductible.I understand that rates vary by region, so would any New Englanders, or Mainers specifically, care to weigh in or recommend an insurance company.Do most of you carry DP3 policies on your 1-4 units? 

The latter can bring greater returns, but may very well carry more risks to your capital.  

@Carrie Anderson  I know what I do is completely different than what most others on BP are doing business wise.

Carry licenses and insurance etc.  

Seller carry back financing will be considered the same as regular bank financing.