Selling my sfr with seller financing.

[Henry Offiah]

Hey BP,

Looking for some advice on how to structure this deal.

I have a SFR (purchased in IN) I bought cash. I have a buyer who wants me to seller finance the deal. here's the numbers.

Purchase price 120k, @ 10% over 30 yrs. Payment of $1,071.84/mon

As I own the property free and clear, I want to do a cash-out for 100k (as-is value 135k) on the property so I can use the money for a dp for other deals.

What im thinking of doing  with the seller is a land contract with the above terms (not recorded), then a lease that renews yearly at the above payment amount. the buyer will still get the principal paydown from the land contract, but the lease is in place if they don't pay.

has anyone done something like this or have any recommendations?