First rule of negotiating, don’t fall in love with the property … since you plan to live there be especially careful here!!!
Now, are the sellers even of a mind to owner finance? do they need cash for the downstroke on the new place? If you get past that, I’d probably go the L/O route If I could get big rent credits because it will be far superior to the amortization of any note you could write (short of zero interest:))
Go for as long as reasonable … reasonable being the amount of time it will take you to clean up your act credit wise.
Now if you can’t get big rent credits out of the seller, I would want a deed some way.
Just remember, don’t fall in love … you loose all your leverage.
I am going to view a house today. I would appreciate any tips on how to get the owner to finance… Or even do a L/O. The owner is a fairly anxious seller. He has his a FSBO sign up and it reads 89,000 obo. when I called he said that he and his wife have jobs in town and they want to move closer to their place of employment. He mentioned that he has some city lots in town which makes me think he already has a place picked out to live.
I plan to live in the house not for investment purposes. The home is nice and my fiance` and I cannot qualify for a mortgage, so I am hoping to be able to talk the owner into financing or even doing a L/O.