The cash flow will be easily eaten up with new roofs (somewhere down the line is a given) updating property to compete with others and the big kahuna-financing.

When buying with seller finance from a regular owner occupant homeowner, there are exemptions that mean there is usually little impact.

It can take the tax assessor/collector months to update a tax mailing address, so those records aren't the best indicator of current ownership You'll need to learn how to look up property docs in your county so you can see what kind of liens and notices, etc have been recorded.

If you have a junk offer with junk terms it's better many times to reduce the price a little and try to do a regular deal.With owner finance the seller still has to worry about the property,that you will file BK,that your LLC will file BK,that you will leave the property in worse shape then when they sold it to you,and a whole host of other scenarious like that.

Use a regular grant deed.

Just a quick update on this story:Most of these houses have been popping up for sale.

Electrical will need some updating. 12K per unit is estimated for the the rehab which includes HVAC and electrical upgrades.

You could bring in a money partner to stabilize but getting something is better than losing it and getting nothing.You could also look at selling to a land holder or a developer for cash to tear it down and rebuild something better.You can also approach your bank and explain your repair situation and see if they will help with the repairs to protect from a default and huge loss.Some small banks will do this sometimes.To the big banks for the most part you are just a number and a loan that has to be worked through.A HML loan will eat you up and I don't recommend that.A regular lender will not touch a property like that.

Thank you Manuel, I'll definitely keep you guys updated.

This was a key detail that the agent should have updated immediately Just remember for future reference to get everything in writing.