What to know for buying owner finance

[Daniel Tran]

Hello All, I could not obtain a loan from the bank because my Schedule E loss last year and told to wait until next year to straighten out my tax return. Currently there is a property for sell by owner and had worked out a deal with $10k Down 1500 a month including tax and insurance for 30 years, this house cost $220k. My questions are is this deal a good deal? What is the process for owner finance? Do i need inspection? What about the title? Pretty much this is my first time buying from owner and i don't know what i need and what to look out for.