Owner finance (similar to contract for deed if that is legal in your state) is a good way to get out of your situation, with the possibility of making some money on the deal.Ask for at least 10% down and figure out what interest rate you would like to charge (depends upon their credit, I suggest nothing less than 8% even with impeccable credit.)You can use a mortgage loan calculator online to get the amortization table, and there are companies out there that will 3rd party service the loan and report to the credit bureaus for you.I suggest finding a real estate attorney in your area that has done these to structure it correctly for you.

Is there a way to structure this as a repair escrow instead?

I have no worries about them walking away because I'm sure they won't and secondly if I have the deal structured right I will retain the title until it's paid in full.I don't live there now, but I do live close by since I bought another place with cash during the downturn.My lawyer (who I spoke to only briefly) did mention Contract for deed and due on sale, which I was already aware of, which is why I want to structure it so I can keep making the payments on the BOA mortgage and not have to pay it in full because right now I can't afford to pay off the ~75k we still owe.I will look up sub-to(2) and do some more reading about wrap, which didn't seem to be exactly what I was thinking.Thanks again.Scott

I know I can be successful in either one, so I'm not sure what I method I should use to choose where to go.I hadn't heard that saying before, but it makes a very valid point.

I'm looking forward to seeing what information I can find here to help make this a good success.Another thing I'm curious about is how to structure my assets now.

Any thoughts/recommendations as to how I might structure my assets to get the most benefit and help keep everything straight?

Okay, I'll be hypocritical and include myself, but I don't have any intention of teaching, at least not in this arena as a paid instructor.Consider what state real estate commissions may require for agent's education, usually a master's degree and so many years as a broker, and then it may still be on a probationary basis, reviewed, examined as well as structured as to content.

This is something the seller of the property will have to take care of and is definitely something to keep in mind when you are trying to structure the deal.

Now having said this, lease option structured like this works only for desirable neighborhoods where houses are selling or appreciating proportional to inflation.

If anyone has any recommendations on marketing methods to find motivated sellers we'd love to hear them!