owner carries

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hi guys
i was wanting someone to run me through a typical owner will carry.
i have a money partner who im trying to educate more about real estate investing. Im trying to explain the process of it of just what i know about it. i feel like i need more info to convience him. Can some one run me through the steps. Also in the case of him paying cash for a good deal below market value say at 70% in good condition and me refinancing it say at 90%ltv to cash him out and i owc it at 100% of the market value...how can i continue the process of doing more and more in terms of me continuing to refinance each deal in my name.
thanks in advance