I'd clean the land, slicing in 14 and resell to each owner to extend their backyard?

I realize now that I would have been better off paying the 2 points to extend the hard money term so that I could have done a cash out refi, but that ship has sailed.I need 80% or better to cover off the higher interest debt.

This is the type of property where you only need to put in a couple of solid window air conditioning units, and the tenants will be just happy with it.Also consider the fact that to replace those tenants and fix those buildings, you are going to go for an extended period of time where you simply arent collecting rent.

I am working wiht the realtor, so will have to pay commission 5% on that deal too. as I understand, the closing costs will be a lot less than with the regular sale, and taxes will be spaced out over years vs all at once.One the balloon period expires, they have to refinance (so I get my all money back) or extend it.What are the red flags I need to be aware about owner financing? 

I will be in Michigan for an extended stay later this month.  

Make sure you are not over extended and need to sell when the market is depressed and you will likely have a successful investment even if purchased at a market peak.Good luck

If it was financed through a bank, they may be able to extend you a signature loan.  

@Eric Weireter Raleigh-Durham area, possibly extending into lower Granville county.

I think the most important thing when taking on 9 units so quickly is to make sure you are not over extending yourself.

Thus, SEC 8 voucher holders tend to want to live in the same neighborhood as their extended family members who will take care of their kids while they work.