Seller Financing Advice and Tips

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My neighbor has rented out his townhouse for many years.  He owns it free and clear. He is older and the plan is to eventually sell.  His last tenants recently moved so he is undecided on renting or selling.  I feel he is fairly open to selling.  My husband and I would love to possibly buy it ourselves as a rental property. I would like to approach him with the idea of seller financing.  I have no idea if he has any knowledge on the subject, lets just assume he doesn't.  I have never used seller financing myself so I was hoping to get advice and tips from people who have.