FSBO + Owner Financing fix and flip deal

[Kaylor Bankler]

Hi everyone, I've been looking for my next fix and flip project for a few months now, have made a few offers, and have been getting beat by all-cash offers. Knowing I can't compete with these cash offers and from reading thousands of posts & replies on BP I realized I needed to get creative to put a deal together in this environment. Through hundreds of cold calls, I have finally found an off-market property that the seller is willing to do seller financing on, and we have been able to verbally agree on terms as of today. I'm confident that the #'s work, but there are a lot of elements to the deal that I have no experience with, and I would really appreciate any advice/guidance/suggestions you can offer. 

I'll try to paint a complete picture of the situation, but please let me know if there is anything else I should add. I have read a lot about these concepts separately and have seen a few posts that mention that people have done something similar to this in the past, I just haven't found much detail on putting them all together. I plan on getting in touch with a RE lawyer next week, but I'm just trying to learn as much as possible before that. 

350k Purchase price, 5k down payment, 2k monthly interest-only payments over the term of the loan with a balloon payment of the 345k at the end of the 12-month term or when I sell the house once the rehab is complete. I'm going to use cash for the rehab and plan to put 50k into it, and ARV is 500k conservatively.

He owns the property free and clear, and there are no realtors involved. Is there anything in particular that stands out or that I should be cautious of? I would also appreciate any referrals for PA RE lawyers who deal a lot with FSBO + Owner financed + Fix and Flip. Thank you for reading