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!