Newbie Attempting Seller Financing. TIPS NEEDED!!

[Shequila Hamilton]

Hello BP Family,

Right now I am currently saving up to house hack a 4-unit using an FHA loan. In the meantime my current living situation isn't too great and I am put in a position to move soon. Rather than go off track and rent an apartment :( I have stumbled upon a duplex for sale by owner than has been on the market for 70 days. I'm more than sure that it is over priced ($65,000) and in my research I've found that it sold earlier this year for half that price. I've walked the property and viewed the photos posted and it need quite a bit of work. I'm willing to pay full asking price if I can seller finance that way I get to relieve my current living situation as well as not affect my credit score or harm my chances of an FHA loan spring 2018. In my mind by house hacking this duplex I can "pay rent" (or have my tenants do it) without losing $700 for an apartment. Also, I will be able to slowing make improvements to the property without derailing my current savings and eventually refinance.

My questions basically are does this plan make sense to more than just myself? I'm having difficulties contacting the owner, how do I get around this hurdle and get a phone conversation? What exactly is the seller finance process? What paperwork is needed? Who must be involved (lawyer, title co., etc.)? What should I do to make this possible and as smooth as can be?

I've done as much research as I know to do as a newbie and am searching for insight and somewhat of a step by step that I can cross-reference with the information I've gotten from articles and videos.

Thanks all and I look forward to hopefully being able to join the investors club before Christmas!