As part of the due diligence/closing process, be sure to get the Estoppal letters from each tenant and compare to what the landlord/seller is saying.Be sure to understand how those deposits have to be held by you in the future.

We pay interest only payment of $1000 (380k loan amount) to the seller and will balloon in 48 months (30 months to go).

Another way people do this is if bring 50k, the seller owner finances 50k and the bank does the rest.Hope this helps!

Adam Garza I assume the person who wants to buy it will have contingencies and most times a seller is selling to a wholesaler for quick sale and no contingencies - In this instance what value are you providing over having them list and sell with an agent ?

I do have good credit so wondering I should just go to the bank for a loan for my first property or should I jump into wholesaling or seller finance options. 

I have an off market 2 unit property in Oakland in the pipeline from a previous seller I've worked with that can also be a value add. 

One of the sellers has a tenant in the property already, making it the first priority out of the two.

This will increase the sellers transaction cost which will increase the purchase price. 

@Tom Gimer Thanks Tom...in this case there are two many issues that me as the seller and my future buyer just don't understand....especially with owner financing and lead paint disclosures etc , etc.....but I will put as much in the offer as I can but it will still have wording in the offer that it is contingent on our lawyers  creating a formal sales contract in "x" amount of days....I know of no other way to do this since I lack the knowledge to cover all the bases.....but I will take your advice and get as much in there up front ...if there is a better way then please let me know

Problem is that the appraisal came in way less than offer and seller will only budge to about 40k above appraisal.