Posted by Bud Branstetter on January 11, 1999 at 15:44:10:
Half of the equity is 17.5K. Purchase as owner financed with a first at approx. 54K. He will carry a second for the remainder less any down payment. The first would be sold to payoff the existing first and net the ex the cash he feels she should get. The interest rate will depend on your credit score. This is done quite frequently. You have a renter but no real equity unless he set the terms of the second favorable to you. What does he want out of it?