Newbie - Seller Financing

[Andrew T.]

BP - 

Looking to purchase a few out of state rental props and the owner is giving me the option of owner financing. I'm crunching the numbers and have a few Qs - 

1) what closing costs am I looking at when leveraging owner financing? is there a rule of thumb estimate %?

2) seller wants me to re-fi out after a few years, is this normal? This doesn't sound ideal for me in a rising interest rate environment.

3) please provide any advice you have when comes to using owner financing, things to watch out for.

Many thanks