Thanks, Gary Neely Gary, Just use you standard state contract and write out the terms of your seller financing in an addendum or on the OTP itself if there's lines for additional provisions.Be clear and concise.Example,Seller will carry a promissory note secured by a 1st position mortgage in the amount $97,583.00, at 6% interest, amortized over 30 years, witha a maturity date and balloon payment due 10 years after the closing date.Hope this helps and certainly get an attorney involved if you are not comfortable drafting the language.  

I view my primary as my long-term home, 3 young kids with a good school system, so this is where we are settled.

Does your friend want to rent out the rooms long-term?

Guessing the potential long term construction of a new road and housing development with no time line is scaring people away.

My plan there is to focus on long term rentals.

Then I explain my process in brief and simple terms: background check, lease agreement, collect deposits and ask if they'd like to proceed.

I’m interested in investing in more real estate to have long term and short term rentals for passive income.

Would love to connect with you and hear more about your current investment and what you are thinking in terms of your next one!

I want to renew at the same terms of the original lease (which was created and provided by my realtor and I dont have access to that document now).

So, I had to get the owner and tenant agree that it actually took place. 2) Meeting Tenants - I would say not needed, but certainly when their lease is up, you want to re-screen the using your screening criteria for income, background, etc... 3) Review the leases and understand expirations and lease renewal terms if any.