Owner-Financing Quick Deed Deal...how quickly can I refi

[Marv Nettles]

Hey BP, I am trying to write-up and complete my first owner-financing deal. The owner is in possession of several properties and she would love for me to help her get rid of them. She is basically wanting to liquidate her assets. She's had them on the market for awhile and I was considering trying my first owner-financing deal with a duplex and a single family home that she has. She owns them out-right. I have several questions but first, here's my proposed deal: 

Quick Deed option 

Offer $60,000 for both properties (She has had them on the market for 50K and 40K for over a year)

5% down ($3,125) and $250 per month for 60 months plus 5% interest which would be $262.50 per month.

1. How long do I have to wait before I refinance to pay her off? I see that people wait 60 months, but I would love to refinance in 6 months...thoughts?

2. When do I take over the insurance in my name?