How do you keep track of payments with seller financing?

[Christian I Presant]

My brother and I are looking to purchase our first rental property. A house we are looking at is not listed as seller financing. However, we are hoping the seller would go for the idea of seller financing and we will pay him a little more. We are doing this because we don't want to have to put so much money down in the beginning. Now my question is this: If he agrees to do seller financing, how do we structure the deal and contract? who writes the contract? who keeps track of the payments? who gets the ownership of the property....is it us right away or does the seller hold ownership until we pay the entire house off? Also, what protections does the seller get in case we were to default on payment? (we wont) what protection do we get if he doesn't give us the house after we've paid? a lot of questions I know but please help experienced investors. thank you.

Chris