HELP! Owner Financing Question

[John Zuch]

We have a SFH under contract and want to ask the owner to owner finance it. (it's free and clear...has been sitting empty 2 yrs)

If he agrees, do we have to set it up in with conventional bank style terms (x amt per month for 6 years @ x%) or are we only restricted by what he's willing to do...can we structure like a private investor loan and say 0 down with 1% (interest only)per month for a year, with 6 month minimum??