That will determine whether a deal exists or not, as well as what is the FMV of the property, and FMR (fair market rent).

The advantage of this is it is their job day in and out to qualify borrowers and if they have a positive track record your money is fairly safe with them, compared to you trying to do it yourself and getting taken.

I'm fairly new to the business too and I'm learning as I go.

However, she is slightly mentally challenged (probably drug related from her past) and I'm fairly sure she isn't going to move.

I still have a BOA mortgage w/ 21 more years on it (technically, but I know I'm ahead on that) that I plan on keeping and paying down as quickly as I can afford.My friends have almost no money to put down and I'm planning financing them.I have a lawyer who I've used twice in the past for traditional purchases (one bank financed, one cash) and she assures me this is not a difficult thing.My friends have agreed to my asking price and my terms of the loan.We are getting a small premium on the sales price of the home and are loaning them the $110,000 at 6% over 30 years.We still owe about $75,000 of the original $91,500 BOA mortgage which is at 5.875%.I talked to my Allstate agent and she said we'd have to switch from homeowners to a Landlord policy.First question, does this sound like a fair deal for both parties?

They were very fair on their charges & I got a 3.875% 30-year fixed.No doubt about it, I couldn't have pulled this off without Mike H.

I believe in ethics of open and honest communication and I even ask the agent what's her goals just so she knows that I would like to meet her halfwayFar as the contracts, I was asking because I read it somewhere that you can get them from an attorney or realtor.

I'm also going to set up meeting with a bunch of other brokerages around town too, just to ensure I get a fair deal.

There are some great tools and people here to communicate with on the real estate topics.

Welcome to BP Jason...We've got a fairly nice little community from the greater Portland area on here and are hoping to meet up fairly soon.