I am acquiring an assisted living home (RE+business).RE appraised for $1,320,000Business for $80k.I have the RE portion already financed through banks but am needing $80k for the business to get the deal done.I’m looking for $80k short term loan for at least 6 months so that I have enough time to get a more stabilized business loan.

Thanks, Gary Neely Gary, Just use you standard state contract and write out the terms of your seller financing in an addendum or on the OTP itself if there's lines for additional provisions.Be clear and concise.Example,Seller will carry a promissory note secured by a 1st position mortgage in the amount $97,583.00, at 6% interest, amortized over 30 years, witha a maturity date and balloon payment due 10 years after the closing date.Hope this helps and certainly get an attorney involved if you are not comfortable drafting the language.  

It may seem counter intuitive, but the basics of real estate mentioned above are actually MUCH more important for long term success than the knowledge of any one technique or strategy. 

I view my primary as my long-term home, 3 young kids with a good school system, so this is where we are settled.

Guessing the potential long term construction of a new road and housing development with no time line is scaring people away.

Does your friend want to rent out the rooms long-term?

If your friend is going to find another tenant, they should let the original tenant and the voucher office know right away so that they can get back to looking.About half of my portfolio are voucher tenants at the moment.

I’m interested in investing in more real estate to have long term and short term rentals for passive income.

@Tim Townhill I'm late to this post but curious what progress/feedback you have since your original post?

Would love to connect with you and hear more about your current investment and what you are thinking in terms of your next one!