setting up my first deal. NEED HELP

[Travis Konermann]

Okay I have been working very hard for nearly 8 months now, learning everything I can about real estate investing, going to investor meet ups, saving money...just anything I can do productive to get my first deal.

My original plan was to house hack a duplex or triplex in the area and try to get a low down payment (through FHA) but as I was talking to my mom and asking her about her rental properties I asked if she has considered selling this one property she got about three years ago for a discount price($39,000). We've put some sweat equity into it already and it has been rented to the same tenant for the three years she's owned it for $550/month (i think i can get $600 without any rehab). That tenant needs one more bedroom since she's having a baby and the house is 2br 1ba. My mom is looking to acquire a 3br rental so she can keep the great tenant she has but i saw a good opportunity and asked her about seller financing.

I've ran the numbers multiple times and different ways. I've looked at recent houses sold nearby and houses being rented nearby. I really like the deal even if i offer her $42,000 because i think the property could sell for $55,000 with a small cosmetic rehab.(Maybe $5,000 worth but i would get a contractor to price the rehab for certain and an agent to tell me what they think i could get for it in better condition)

I don't really know how to structure a seller finance deal though!!! this is where i need your help

I think i can get the property for $41,000 with $1000 down. (I assume there are no closing costs). Should i structure a 30 year amortization period and use a BRRRR strategy to refinance into a smaller interest rate after about a year of building credit and a few months to rehab? (we will probably settle on an 8.5% interest rate).

My main questions:

Should i use BRRRR strategy, or can you even BRRRR if you're using seller financing?

How do we get a contract written up the correct way and make it legal? (get it notarized?)

Does the interest rate look okay?

If i want to rehab and update it how long should i wait before refinancing if i choose that path?

would the house technically be in my name if i seller finance or would I have to achieve 100% of the equity?

ANY answers help!! I don't want to walk into my first deal blindly. I will continue to research seller financing but if you have any other good seller financing tips or first deal tips I would really appreciate it.