Can anyone offer some in sight about owner financing?

[Alessandro Storniolo]

Hello, I am new to real estate investing. I have a basic knowledge of flipping, wholesaling and renting. But i recently came across a different type of investing strategy called owner finance. From my understanding so far, and i might be wrong, the buyer sends the owner a check/payment for the property and owner finances the property while the buyer decides what he'd to do with the propery wether it be flipping or renting etc. And after a certain time frame, that was negotiated by the buyer and seller, the buyer is required to purchase the property. If im correct about the general concept of how it works, then wouldnt that be the same as renting or lease to owning the property?? Again my basic understanding of owner financing could be completey wrong. Any insight or info on how owner financing works, when the best time to use owner financing and the pros and cons to this investment strategy, would be appreciated! Thanks!

[Paulina Chase]

I am also a newbie investor.  I have two owner carry properties, and soon to have a third.

First of all my properties are free and clear. 

My first property was my personal residence, I decided to move, found a buyer, then worked out a contract with the buyer.  Set up an escrow account.  I learned from this first one to have the escrow company collect and pay property taxes.  The escrow company actually direct deposits my money into my checking account.

My second property I asked the owner to carry contract for me, I payed the escrow company, we made improvements.  Again decided to move again.  We listed through a realtor, listed as owner carry made sure the down would cover my escrow pay off and closing costs.  This property is now free and clear, I have the escrow company deposit money into my checking account

My third I bought through an auction company, paid cash.  I did some repairs, listed it through craigslist and then finally hired a realtor to help with the property.  We have it under contract.  Will be closing it within the week and again I will have the escrow company deposit the money into my account.

I love owner carry!!!