Lastly, what verbiage do you put into the contract to inform the seller how much quicker this type of loan is and less stringent they are in terms of closing requirements vs traditional big bank mortgage?

The problem:Current tenant was a friend of the seller.

I have this property under contract I have had multiple cashbuyers go see the property its a 3b 1b the seller said it’s on a double lot but the lot it’s not big enough to split, however it’s a single family home and it’s a potential tear down it’s gutted it’s in real bad shape the seller ran out of capital that’s why he wants outs.

@Jimmy Solano Could you please elaborate more about the seller offering to make repairs?

You could see if the seller would be willing to carry a 2nd mortgage for the 10% your missing.

Or perhaps you could get a commercial bank loan and have the seller carry 30%? 

In short, you need to ask yourself how will the appreciation that has occurred over the recent years be sustained, and what driving forces will happen going forward to continue the price trends of demand > supply?? 

So i asked the agent if the seller would consider carrying the note for both properties.  

Thanks for the response everyone, for closing costs I was able to get the seller to pay most of mine with the leftovers being rolled into cash at close.

First, according to the seller, there's a fallen-in house on the property so there's going to be a big clean-up for whoever buys the land.