Hopefully someone else can jump in on that point.An example of counting properties from Fannie Mae's site:"The borrower is purchasing a second home and is personally obligated on his or her principal residence mortgage.

I was thinking to assume conditioned on a workout consisting of a write down of the principal, which based on your input, would ultimately be a short sale.

If so you can offer more - when asking for owner assisted financing all ask for principal only mortgage that is as you know is a mortgage without interest, make sure it is fully assumable without qualification with no balloon payments.Now that you have a base line price that you may be willing to pay - what you should do is to look at other properties in the immediate neighbor that are FISBO's or listed and than make a 100 post card mailing to all neighbors - drop off flyers in the neighborhood - "WANTED - Real estate - any condition - houses or commercial - family business - no commission or settlement costs - we are not agents - please call if you have real estate to sell."

He is one of the principal shareholders at Harrell, Stoebner & Russell, PC in Temple.

We are going to pay him monthly installments principal + interest.

To pay back the loan in 15 years you will have to pay approximately 3% of the original principal amount each year as extra payment. 

@Patrick Young You look at principal only.

Principal is around a third of interest - so 10K.You may have other expenses - 10K.Total expenses 50K.You know right away - the deal doesnt yield anything for you every month.If this had a cap rate of 8% - i know i can simply deduct 3-4% - and it yields 4-5% annually.You see - i did the above without using any term - NOI, GOP, or anything like that.

They are your principal and need to have sufficient capacity, powers and authority to sell.The PR's attorney will strongly prefer a property to gave maximum market exposure via listing with an experienced agent however this nay not be required.

Would it be the registered agents address or my principal address in my state?