I want to do a wrap around on a investment property 6 unit

[MehulRealty]

Is wrap around secure? It is a low-risk investment..what should  I watch out for. I have an amazing portfolio of properties, but I have never done a wrap-around. Can you guys inform me of any details I should watch out for. The mortgage is 2k. its a 6 units all rented at 650 .. Seller wanted 10k he will keep loan under his name..and agree to wrap around..

[Real Estate Seller]

If the lender found out the seller did a wrap around the lender can call the note due and you will lose your $10K.

[kdhastedt]

If the lender found out the seller did a wrap around the lender can call the note due and you will lose your $10K.

Yeah, 'cause what lenders need is just one more foreclosure on their books...

[javipa]

Is wrap around secure? It is a low-risk investment..what should  I watch out for. I have an amazing portfolio of properties, but I have never done a wrap-around. Can you guys inform me of any details I should watch out for. The mortgage is 2k. its a 6 units all rented at 650 .. Seller wanted 10k he will keep loan under his name..and agree to wrap around..

Is the seller granting you title?
Are you titling the property in a trust?
Is the insurance current?
Are the payments current?
Are you paying the seller directly, or not?
Are you actually combining the Seller's equity and existing loan(s) into one note, or not?