I do understand where he is coming from but I am finding out pretty quick that no bank will finance what is considered a residential home under an LLC.

Now is generally a pretty good time to sell.

Like you mentioned, @Jay Lohn, it seems like a reasonable investment in tenant retention.Since we're currently owner occupying one of the units, there are some pretty attractive improvement loans that we could take advantage, so may now be the time to do it.

I would be careful if you are not experienced in flipping because holding costs on a property of that price point could be pretty significant.

Your actual return on that property is pretty abysmal as a cash on cash number. 

Once you have a seller that has agreed to provide owner financing, then, as other commenters have stated, it's pretty much just a promissory note (which governs terms of the loan and creates obligation to repay) and mortgage (which secures the loan against the property).  

this is just the real estate version of the Nigerian prince scheme we have all seen over the years... they use BP   Linkdin  facebook  to troll for those that ask for money then respond.. and believe me it works with not only newbies but real estate professionals as well.. some of the better scammers are pretty good at this.I suggest you watch this one episode on American Greed.. its was on Remmington financial.. and you can see how pervasive fake lenders are ..

I’m doing a closer analysis and the cap rate is pretty good.

He is pretty experienced investor with 10+ years of experience.

@Anthony McEvoy speaking with her, she seemed pretty set on a number in her head.