Selling My Rental With Seller Financing I Have Questions

[Marcus Maloney]

I am selling one of my rentals with seller financing. I normally do not sell but it gives me an opportunity to pyramid up to a multifamily. Here's the scenario and I would like any and all feedback.

My tenant is very interested in buying the property they recently received a settlement and have 30k to put towards acquisition and we are selling for 54k and willing to finance the other 24k. This puts in a great position because we have a commercial loan on the property and the 30k down will pay off the note on the subject property along with another rental. The tenant has been pretty good with paying his rent on time and he's been a tenant for 2 years now. My question is regarding to a few things:

1. When selling should I have the tenant pay the property insurance and my company as a beneficiary.

2. Property taxes how do I account for that, should I have an escrow account set up? 

3. Finally should I have the buyers name added to the deed with mines, or just his, or just mine and add his once the note is satisfied.

Thanks in advance for helping, oh last thing I am doing a promissory note for the 24k and I planned on servicing the loan myself or should I have a title company or bank service the loan?