Refinancing a seller financed property

[Ken Seveur]

What's up BP fam. I've found a potential seller interested in seller financing (contract for deed) through a title company. It's a fully rehabbed EOG townhouse asking $65k. What I'n thinking to offer is $4k down and $700/mo until paid in full. Market is around $850-$950 per mo. Assume we agree to terms. Fast forward, when/how could I go about refinancing to a  bank mortgage? Would I have to again pay 25-30% down? Would the rental income help me get approved for that loan? Would a balloon payment go to the seller directly from the bank? How soon after I settle on contract for deed with seller can I then refinance that property? Any insight on this would be greatly appreciated. 

Thanks in advance!