Private companies negotiating loan modifications have statutory restrictions that limit how and when they can be paid, plus disclosures that need to be provided to the homeowners / borrowers.

Trade it to a retail buyer who is down sizing, usually works better, you buy their house and borrow on it, pay yours off.

Also search "assisted living" another thread I believe.

And legal entanglements will follow.If they have a significant portfolio, and this is one small chunk of their money, then it might be something to consider.I have done deals as a lender where the borrower did borrow a small portion of the deal to cover their part.

Any advice is greatly welcome, and I know that with some assistance I will be successful, which should provide me with some funds that perhaps I can use to propel me to other real estate goals.

Your partner deferring payment until the prop sells is perfectly fine and makes sense to mitigate the risk of running out of money (which would necessitate borrowing from a party that is not disqualified, or selling project "as is", likely at a loss).If you had personal cash, you could also partner with your IRA on the front end of the deal (take title in both names), at a predefined % split.Be aware that flipping profits in IRA accounts are potentially subject to the stiff UBIT tax, based on "intent" to flip, which would be determined by the facts of a given case, as well as pattern of activity.

That very much depends on 1) how much you pay, 2) how much your borrow, and 3) the terms on your loan.

I do however have 10k in a Roth IRA that I can withdraw as we'll as about 45k in my companies 401k that I believe I can borrow.

Also, I am still in school, so I have limited time to assist tenants if they have problems.

Recently it has been brought to my attention that she needs to get it out of her name if she plans to recieve any government assistance from medicare or medicaid if she was to have to move into an asssted living facility.