No one here is going to encourage you to commit mortgage fraud. 

@Tom Gimer - reading this post and yea sounds SUPER FISHY, some random guy coming up and offering a house like that, I heard before locally (some local people that are way more experienced and I told them I am getting into real estate - told me to watch out for that) for example what I heard is, lets say the house is under the name "John Smith" - they will go find somebody who is really "John Smith" or the person comes with fake id but kind of matches the age.... and selling the house at a little more believable price like 70% - but it sounded fishy so when they looked more into it they found out it was fraud called the police at closing (they showed up did nothing) the person just ran out of the room, and I have heard that locally there are scams like that to watch out for!

@Bob HinesYour post introduces some very distinct perspective to this discussion, especially with the clarity on the histroy of STL......The 2 STLs (City and county), do they have identical/similar markets?

I just don't want to fall flat on my face right out of the gate.Any comments/suggestions for structuring the deal will be most appreciated and welcomed.Thanks,CorinneSeller financing with a servicer would go on your credit report, but more importantly when you go to buy a home, you have to list the home and seller financed mortgage on the loan application (I assume you do not want to commit mortgage fraud).Having it at a servicer who reports to credit would actually be better in this scenario to build additional credit.

I'm beyond late in the game to realize he's a fraud. 

This is the same reply I put on the other identical post. 

. :(  but no matter I moved on.I think the real issue here is were most wholesalers are DEAD wrong and its in the subtrifuge and fraud in the inducement into the contract in the first place when they give sellers the impression they are going to buy the property..

I am sure the seller had NO idea what this FRAUD is doing, as do most sellers that sign contracts with other FRAUDS making false representations to get a contract--in legal terms this is called FRAUD BY INDUCEMENT.

I close tons of them a year with wholesalers but when something is grossly unfair to the seller I wont participate.. there is usually some sort of fraud going on>  IE wholesaler  wise.. 

Never disclosing your not acutally the buyer ( biggest fraud on the planet in my mind)3.