We tried to do an extension on the contract but they wanted to terminate, likely to reduce the stress on them.

Plumbing issues (upon further inspection... caused by hair extensions and 'do rags flushed down the toilet).A busted clothes dryer (I swear they tried to dry a stack of bricks in there).Anyway... needless to say, that particular property has been a money loser for us.We're now on our 3rd tenant and hopefully, it'll be drama free and we can start going cash flow positive.If we can right the ship, it'll be paid off in about 4-5 years and then we should see some great cash flow (fingers crossed).So what does this have to do with you?

I have never used seller financing, as i am currently house hacking with an FHA loan, so I am not entirely sure on certain details detail such as what kind of documents you must sign and best business practices conducting the entire process from start to finish.

The only strategy to avoid that is by using a land trust to hold the property, then assigning the LLC as the beneficiary (meaning the land trust is conducting business in the state, not incurring the additional foreign filing fee of the LLC.)I say this simply to state that you have options, depending on how you structure the assets.

I know because I have extensive hands on  experience as a rehabber for my own properties... and properties I flip.  

NORMALLY THE HOSUING AUTHORTY WILL CONDUCT AS INSPECTION TO MAKE SURE YOUR PROPERTY QUALIFIES AND IS UP TO CODE.

The crawl space needs extensive moisture work.

The sherif sale was conducted in violation of Automatic stay and is therefore void.

It must reveal extensive unknown damage in your inspection reports typically that can amount to fifty to hundreds of thousands of dollars.

A lease extension even at a significantly lower rent would be our best option.