First time buying an income property, not sure how to finance

[Adam Buzzell]

Hey All,

I was hoping to gain some knowledge and insight before my first purchase. I'm currently searching for my first investment property, and have one in mind but need it to make sense. Here's the scenario:

My Aunt wants to sell her single family home (for sale by owner in Pennsylvania) for $90,000. It's very close to two colleges, so the location is ideal. Everything from the roof to furnace to the paint and floors is going to be brand new. She currently lives at another house with her boyfriend and is retiring in a year, so this is a nice chip to cash in as she retires. She currently still owes $30,000 on her existing mortgage.

I have $23,000 I can put down on the home, but I'm having a tough time willing myself to do so. I'd like for her to get her $90,000, but I only want to put $10,000-$15,000 down. This way I'm not exhausting all my money on a down payment for one house, in the event another home comes along after this one I want to be able to have the funds to pursue it.

With that being said, I'm wondering the best alternatives to conventional loans that'll require 20% down. I've read about seller financing, but haven't completely wrapped my head around how to propose the idea of seller financing to her. I need it to make sense to her and myself. 

What do you think is the best/creative way to write up/propose a seller financing deal with her based off the numbers/scenario provided? Any information provided would be greatly appreciated!