Vacant lot owner offering to owner finance lot. Help w/ deal

[Jeffrey Radcliffe]

Hello,

I need help with seller financing. Can anyone that has ever done a deal with owner financing for a vacant residential lot share of how the deal was structured? I have an owner that has offered to owner finance his vacant lot.

I am very interested in taking him up on his offer and plan to build on the lot within five years of ownership; however, I am not sure how to structure the terms of an owner financing mortgage and terms.

The sale price is $120,000, which is what he paid for it ten years ago. Can you please give me some ideas on how to structure this seller financing deal. I would like to put down as little as possible; however, I would be willing to put down a maximum of 10%.