OWC Help For Beginner
I will be going into contract with a multifamily deal in which the owner has agreed to carry a second for the 20% down. I know it is kind of a dumb questions but could some home please help me with the process of "how to carry the note" ? I have several forms from different sources, but just need some assistance making it "legal", if you would.....thanks! 
To make it legal a mortgage will have to be created. What kind of terms is the seller offering for the 20% second mortgage? Fixed Rate/A.R.M. What rate? The term of the loan? Any balloon payment involved? So many things come into play. I hope this helps
Thanks for the advice CJMAZUR. Now the problem seems to be with the Lender. I thought all was well; I was approved for an 80/20 loan, and the seller willingly agreed to carry the 20%....it adds up to 100% to me but the lender still wants me to put in 10%. Any ideas on how to structure this or should I just go straight to a broker?