Sbuying grandmas investment property seller financing

[Patrick Jung]

My grandma has a single family investment property that she doesn't want to deal with anymore. The tenants are about 3 months behind and she is just done with it. She wants to sell me the property, however she prefers to offer me seller financing because she wants a monthly income and does not want the lump sum payment her reasoning is because she doesnt want to be taxed.. She owns the house free and clear. We have a lawyer. I figured this is a great opportunity for me to possibly rehab and cash out refi for leverage to re invest? She is willing to sell to me for 100k maybe no interest? $1k / mo for 100 months. Property needs some work. 145k arv. Any advice? Quit claim deed, promissory note? Land contract?