Seller willing to finance plus fund rehab.

[Tim Nash]

I recently got a call from a seller who saw one of my bandit signs. After listening to him I understood that this was originally a project his grandson was going to do. The seller funded this project for the grandson. Now the grandson doesn’t have time because he is going to school out of town. The seller says $22,000 is owed on the property and he would be open to owner financing at 5% no money down. After talking a little more he also said he would fund the rehab on the project. My due diligence tells me ARV on this house will be $65-$70,000. I haven’t got into specifics on payments etc. but this sounds like a win-win deal. I did tell him that I would Pay him some sort of early payoff penalty once the rehab was finished so he would get a return on his investment he was still on board with this. Tell me, what are some things I should look for or ask about on this deal? Pretty new to the game and don’t want to go into something without knowing all the pros or cons. Thanks for the input I appreciate the help.