In short, if you want a seller-carryback note created on or after January 1, 2014, if it is a private individual, trust, or estate, then ask them to sign an affidavit saying that they have not done more than three in a 12-month period and how many of them had balloons.

Hi Sean,I live in central NY, but my daughter lived in Woodbury with her fiancé the past three years.

The result is that whereas 5 years ago passive investors expected little more than an investment summary, investors now expect (and demand) a private placement memorandum, subscription agreement, attorneys opinion, tax opinion, and full compliance with the securities regulatory environment, even on smaller deals. 

I have a three year term without proving income or showing a credit score.  

My current plan for my first investment is to find a great deal on a two or three flat, then purchase it with a FHA or 203K loan for the smaller down payment and live in one of the units.

I have an open apartment and showed it to a group of three friends.  

If there are one or two small credit issues such as being thirty days late and it occurred three or more years ago, that is fine.

Seller financing usually comes into play because of three situations1- Property is not financable (construction defect, hazard, uninsurable, needs extensive rehab, etc.)                                                  

So you can do one of three things:(1) prepare a mock 1040 as you normally would as this will give you a high level of accuracy if prepared correctly;(2) review your previous returns and determine your effective tax rate, then apply that rate to this years earnings; (3) have a CPA do it.I get this request all the time so I've built a template for myself that allows me to quickly estimate a client's tax liability.

lead generation, insurance, license, MLS subscription, EKey (allows you to get into houses)subscription.