Houston Property Flooded Tenant willing to Buy FSBO

[Cesar Garza]

Hi all,

My rental property in Houston flooded (about 6 inches of water inside the entire house). I own the house free and clear. According to Zillow the property is worth around $100K. I was already considering selling the property after the current tenants leased expires in December but the flooding has me thinking of selling sooner rather than later. I told the tenant that I may be selling and he mentioned that he is very interested in buying it if I seller finance. He has poor credit cannot get a loan. He has been in the house for 2 years-has always paid on time-no problems-good tenant. My question is: I have never sold a house with owner financing. What are the pros & cons of selling owner finance?  Any thing I should read or study before jumping into this? Anyone with experience if they can share what they think I would appreciate it. Thanks!