Questions about seller financed property

[Rufus White]

Hello,

I will be looking at a rental property on Saturday that has the option of seller financing, and I just wanted some clarification on a few questions.

What happens to the insurance? Does the sellers insurance carry over, or would I be required to have my own insurance as the seller is just the bank essentially?

Obviously the deal is not just a hand shake, so is there a place to draw up an agreement/terms regarding the length of the loan and when title is released? Or would I just write my own terms essentially, and hash out details with the seller, get them notarized, and make duplicates?

If you know the property will not appreciate significantly, due to location, but will cash flow, only not significant ground breaking numbers, would you still acquire it?

Thanks!