Owner Financing Documents For Park MH
I am buying a mobile home in a park. Very motivated buyer with great credit score and stable income. But her debt to income ratio does not allow her to buy and few lenders for a home in a park.
We have a shook on agreement and I need to put together the documents before I toss the cash to the owner.
I need a mortgage and a promissory note. Right? Do I just hold the mortgage or the promissory note? Do I transfer title to her name immediately or wait until she has fully bought the home?
And which is better? I was thinking it might look good to show I own the place and she is buying it from me, but others have said this does not look good, but bad. A buddy said it looks better to own and rent for a profit. But the owner wants to buy and I have no desire to own and rent the place, but she is buying for $5K more than I will, has $3500 up front, and can make the payments and is willing to do so at $10%. I know and trust this lady and she negotiated the whole deal with the owner. She talked the bastard from $30K to to $21.5K, will pay me $26.5 for the house with $23K of it finance for 15 years at 10% interest.
We pulled up her free credit report and she has a 772 and a stable income and a few cleaning jobs on the side.
How, and should I, buy this house, put it in her name and then just collect the mortgage payments. Or should and how do I set up the documents, keep it in my name, and deed it over to her after it is paid off?
Plus I might sell the note early. So which is best?? 
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