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Sell my property and hold part of the mortgage
I am selling my bar and grill with living quarters. The buyer is asking me to hold 1/3rd of the mortgage. I understand I would receive interest on this. (advantage) I know there is a risk of default. (disadvantage) I would like to learn more about this overall situation. What are the legalities involved? What are the tax ramifications? (compared to selling outright. Capital gains. So on.) What happens if a bank owns 2/3 and I own 1/3 upon default? Also what else I need to know that I may not be aware of. Thank You
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