Hypothetically, if a mix property (commercial main level and two apartments above) only has $80k left on a $350k loan and the property is worth $500kand the taxes are $12k/yrand the rents are $4k/moand the owner is your father in-lawand he wants to sell but worried about the income taxesand he doesn’t want to buy another propertyand the building needs about $50k in updating and roofand you want to help him out by taking it over with seller financingWhat terms would make sense for him without a huge tax consequence and basically still get some of that income from the buyer, us?

Purpose is rental for eventual refinance, then BRRRR.  

If we sell it we may get $120K I just saw a ranch that was listed for $160k which I thought was crazy high, sell in a week right down the road on a Main Street.

The property is in Maine with a 7.15% cap gains rate.

Mainly have tenants deposit rent directly into my bank account.

I know its not legal.. but I self insure myself in that regard. some say its recession proof and some say not.. my banker says not.. he says when economy gets tough they just won't spend 200 bucks a month to store their stuff they either up and leave it or move it somewhere else.. so that's two opinions.my units were quite unique one they were A class and two right across the street from 300 floating homes and all my tenants save a very few had house boats.. so I kind of had a captive audicance and once I got it converted to mainly all houses boats..

In an effort to keep myself accountable to the goals I set in Brian's thread, at the beginning of each month, I am going to start a thread recapping my previous month with the purpose of reviewing: What I accomplished in the previous month to help me achieve my goals.Where I fell short of my goals last month.

Long story short, I paid off the loans with the lines of credit, which I continue to utilize over and over again for the same purposes I've spelled out for you.There are other methods and if you'd like to message me feel more than free to do so!

I would recommend getting closer to main attractions/beaches.

The main concern I have, is that the property has asbestos siding, and I have never dealt with this.