how to set up owner financing

[Naomi Spira]

I just found what might be my first fix/flip purchase (New Jersey).  Owner owns house free and clear.  I am considering asking him to owner finance this.  There is no broker involved.  What would be the steps to go about this?

Rent to Own?

Subject To?

Obviously I would need to run a title search and do a home inspection.

All I know I have learned thru books and this forum.....I don't want to mess this up.  

I hope to get the property for $180,000 and I intend to fix for $25,000.  I estimate that I could sell in about 3-6 months for $256,000

Any and all advise appreciated.