Seller financing help??

[James Sullivan]

Ok, I have been reading about seller/owner financing and still I am a little confused. I am in a scenario where the seller owns the property free and clear and would offer me seller financing. Say the seller would sell the property for 60K and asking for 25% down. It is a duplex, needs very minor work, and already being rented for a total of $1,300 a month. We have discussed property taxes, insurance, and the type of tenants that are currently occupying the duplex, but have not discussed the interest rate, terms, etc. I understand each scenario is different, but how would a deal like this be structured? Is the 25% down a out-of-pocket cost? I thought seller financing was supposed to cut the cost down on the front end of purchasing a rental property?