Posted by HankM on March 05, 1999 at 13:08:59:
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.