Creative financing on investment properties

[Stachetastic]

We currently own two rental properties and our primary home. We have been tossing around the idea of acquiring another rental, but purchase price would likely be under 25k. Has anyone here done owner financing? What does that typically look like? HELOC on another property you own? We've got about 50k equity in our primary home, and 40-50k equity in one rental. The other rental is worth about what we owe. We have cash, but obviously a property at this price point would need work, so we would like to keep cash handy for that, as well as for unforeseens on our other properties.

[Drifterrider]

I have never done owner financing but if I were to consider it my first action would be to ask the owners of a prospective property if they would be interested.  At that price point I would look for a five year agreement, knowing I could reno, rent and convert to a standard mortgage within that time frame.

[K-ice]

I know someone who did a HELOC on 4 paid off properties to get a larger rental. They could now get a mortgage on the rental but rates are more favorable on single family homes.

We also plan to purchase a rental using the HELOC on our prime residence.

Just waiting for the right place then we should be able to make a "cash" offer.

[Stachetastic]

We also plan to purchase a rental using the HELOC on our prime residence.

We are considering this as well, although my husband is a little concerned about leveraging the home we live in. But it would likely be for less than 20k, so still very doable considering our mortgage is already very low.