Seller Financing Question-Please Heplp

[Neil Robertson]

Ok, I have a seller financing situation/deal that would be interesting and was wondering if any one has heard of this or experienced this.

Lets say I want to buy a rental property for $400,000 (lets say producing $4,000-$5,000 per month),  but I don't have the $100,000 for the down payment that is required for the property. I was wondering if there was a legal contract that would be notarized that would  allow me to finance the deal through the owner. I would posses the property and receive  the rental income. I would pay the owner a monthly fee (say $1,000) and after 2-5 years I pay a lump sum (the 4000,000) to the owner. By that time I would have enough money for the down payment and the owner of the property has made money on his financing deal  ( 3 years @ $1,000 month= $36,000)  and sold the property for his original asking price $400,000.

Has anyone heard of a deal like this? do you think this is possible?

Location is Louisina