selling property & holding note

[Joseph Quarto]

Hi,

We are in mid 60's & retired.  We have a income producing multi-use NC2 building that is almost paid off & have been thinking of selling(we also live in part-time).  We have SS & pension & 401k.  We want to travel with no worries. Since we just want monthly income & upfront cash, would it be prudent to sell the building & hold the note ourselves to minimize Cap gains each year?

Don't think we want to own anymore property except whatever small house or condo we buy from the sale of the building.  

Any ideas, pointers, greatly appreciated.

PS - I would have lots more questions if this is the approach we should consider, like what to include in agreement, who holds the Tax & Insurance $$ etc. to make sure they are paid in a timely manner...etc.

Joseph Q