What type of structure for a partial seller financing deal!?

[Shaun Anderson]

Hello group, I am looking at a multifamily property, which would be my first ever property. The owner will hold 20% as seller financing but will only do a 5 year term, which is fine as I would just refi after that time but my question is how do I structure the seller financing part with him? Seeing as it is only a 5 year term would I offer to make interest only payments and then pay out the balance with the refi? Is that typical for this type of deal? And if not, I am interested to hear how others have structured similar deals?

P.S. I am just concerned about the seller financing part, not the remainder of the mortgage. 

Thanks guys and hope everyone has a prosperous day!!