Some precautions to consider:- Make sure the person who is the borrower of the underlying bank mortgage fully understands the implications  of a wrap, as well as the buyer- Consider a 5 or 10yr balloon note (vs. 30yr fixed) if you are worried that the seller may have 2nd thoughts down the road- Buyers should need to bring a significant down payment to the deal so that they have skin in the game- If your state allows a Deed of Trust for the wrap note, I suggest using that document (vs. a Mortgage) as it will put a lien on the house allow the Seller to pursue a non-judicial foreclosure if the buyer does not perform.- The home insurance after the sale (the new owner is the "insured") should retain the name of the previous owner(payor of the bank note) on the insurance as "additional insured" so as to not set off any alarms with the bank.- Use a 3rd party loan servicing company to collect all mortgage and escrow payments and make all appropriate payments to the bank lender as well as seller finance lender.   

This will basically be a one man show (me) so no issues with partners or multiple shareholders etc.  

I was able to close very quickly using all cash and it also gave me an edge in a multiple offer situation.

Haven't figured out my game plan here yet.  

My highly biased opinion is that you are best served with a loan officer that owns multiple rental properties and can help you structure all your finances so that you can buy more in the future.

The problem was that after I made that down payment of about $45,000, I had very little money to keep expanding.I had to use multiple lower money techniques in order to grow over the years including:-401K loan for down payments on three properties-FHA owner occupied 4 plex with 3.5% down-Conventional mortgages with 5% down on 2 single family homes that I owner occupied and later turn into rentals-BRRRR method on one home to get all my cash back and buy another propertyThe next thing I'm doing is either refinancing or selling a property in order to get way more units.

For those of you who have been in the game awhile, what did you do to succeed THROUGH previous market recessions?

They have more skin in the game then you do.Make sure you get clear title.

Again, the laminate flooring, the baseboard, and the carpet are completely separate matters, but really, as the other commentators above are explaining here (and they are also both experienced self-managed landlords with multiple holdings) this is probably not something you're going to collect on pretty much anywhere.I'm sorry, Angelique, but my recommendation is to eat the expense.

@Adam Weitzman We are new in the airbnb game also and I have the same question.