Help with SELLER FINANCING

[Luis Herna]

Hi There,

let say that a property is being sold at 1M.  Seller has 300k in equity rest is on a fannie mae loan. Instead of me giving a down payment, seller will finance the 300K in 5 years and we want to structure the whole 300K as a interest-only loan . So my questions:

1. Can the entire 300K be structured as interest-only loan to avoid taxes or just part of the 300K can be structured as interest?

2. In a Seller Financing deal, once I start paying the seller the interest-loan + mortgage, the equity being built should goes to me and not to him correct?

3. Can some show me a good promissory note template?