I do agree that 12% is a high rate but I would not complain with the terms you are receiving.

I was just sitting here thinking about different ideas i haven't heard of and i don't know if its a thing or theres a name for it but, Has anyone ever wholesaled a commercial property to someone and structured the deal to where instead of selling the contract for say $10,000 more than you got it under contract for, to where you sell the property to an investor at the price you got it for and then set it up to where both parties agree that you just collect a small percentage of the rents of the building every month for monthly income? 

Agreed. 

I don't think so since they already agreed to lend you the money. 

Agreed that Personal Capital would be easisest as the paydown would be pulled directly from your banks along with all other accounts.

I have already spoken with to a Real Estate Attorney and he agreed with the clerk's statement.

@Vince Mack I'm going to agree with those here that have discouraged the wholesaling route.

Everything went well thus far, they did the home inspection and we agreed to do all the minor touchups and stuff on the report.

@Moises JerezEscrow won't release unless both sides agree.

Agreeing with @Jordan Moorhead , there are easily 15 duplexes for sale in that area, 5 of which are nice enough to require minimal touchups.