Seller financing proposal

[Alex Valenzuela]

Hey all, 

Trying to get my first seller financing going. Any feedback would be much appreciated. Obviously trying to get the best deal.  We live in the Midwest. Seller has agreed to 85k with 20% down,  interest rate of 8.5 and loan term can be flexible.  Rents in the area are between 850 on the low side and 1450 on the high. I’ve countered 75k, 20% down, with  an 7.25 interest rate, and a 20 to 30 year term. And it’s all contingent on home inspection.  Do you guys thinks it’s a good deal? 

Also any other important information moving forward on a seeker financing would be awesome.  Such as things not to do or do.