Can you wrap a vendor financed property?

This thread is also in “Creative” but since its more relevant to financing, decided to post here too…

I was thinking of no-money down ideas and came up with this…

Say I manage to get a vendor to finance my PURCHASE of his property for $50K @ 7%.

And say, I structured it to NOT be a wrap but more like a regular home loan. ie. Title passes to me but the original owner has right to repossess if I default.

Now, can I go and wrap the same property to someone else for say, $55K @ 9%?

To me, there should be no problems since the original owner is acting as a private financier for myself. Similar to a bank loan.

My questions are as follows: –
1. Is it possible to finance the purchase from the seller with full title in my name? (Unlike a wrap where title does not move until fully paid)

2. Are there any pitfalls which I have overlooked…

Thanks!! [biggrin]