Here are some basics on the property.SFR RentalLong term (3yr) tenant pays $1350/mo + all utilities (tenant is local school superintendent)Owner possibly refinanced at $100k in 2003.26 acres2 /11 1/4 story capeWaterfrontDetached 1 1/2 story garageTown Assessed Value: $122,300Actual resale value: potentially around $150k Deeded access I have put in 10% management, 8% vacancy, and about 6% others (capex, maint, etc.)So here is what I would like to send his way for a seller financed offer with no money down: Seller financed at 5% (30 yr amortization) with a 5 year balloon payoff payment Balance payoff payment at 5 years (~$91,829) Early payoff <24 mos = 10 points ($10000)Early payoff >=24 mos <36 mos = 8 points ($8000)Early payoff >=36 mos <48 mos = 4 points ($4000)Early payoff >=48 mos <60 mos = 2 points ($2000)Option for buyer to extend payoff date up to 15 years (within 6 months of payoff date, at a cost of 2 points.)Buyer to pay all title, recording, transfer fees etc.Total Interest Paid (If paid in full at five year mark):$24,038Total Sales Price with interest (If paid in full at five year mark) : $124,038Keeping in mind that we make money on the purchase, I would like to offer a fairly low purchase price that would help me get my foot in the door, and continue to give him monthly cashflow and delayed capital gains.  

We will definitely be changing common access locks, basement with laundry and storage area, just in case an old tenant kept a copy.     

It’s a great method for acquiring properties with minimal capital, but I prefer a 1038 for more doors (just my opinion).

Then after I paid it down I have access to the HELOC again to repeat.

Now let me preface the rest of this post with the fact I am VERY VERY VERY lucky to have access to all the data I used for these lists.

Easy access and walking to a nice downtown.Units: 4 - 2bd/1ba Utilities- All electricAsking Price; $300KCurrent Taxes: $8100Utilities: $275 per month Insurance: $200 per monthAverage Annual Costs Including withdrawals for self-managing fee, Taxes/Insurance and Utilities- $26k per yearCurrent Rent: 3 Units $850, 1Unit- $800 per unit (tenant pays electric)Comparable local units for 2br - $900-975All questions and comments are welcome.Thanks in advance!

Now let me preface the rest of this post with the fact I am VERY VERY VERY lucky to have access to all the data I used for these lists.

My question is, if the person that was bit chooses to sue, am i not involved since it happened prior to my acquiring, or are you still open to risk.

EducationI want to surround myself in the real estate community, build relationships, get my real estate license, have access to MLS, network and market.

I have access to some capital and even some private money beyond that, so I am ready to go.