First time working with hard money / seller financing

[Shannon Curtis]

I came across an opportunity that looks as follows and I am hoping someone who has more experience can help me out as I have never worked with seller financing or hard money before. 

Seller listed at $139,900.  Will do seller financing with $30K down at the following terms:

Will finance 110K at 12% interest rate - monthly payment is $1,100 interest only for a term of 6 months with another 6 month extension if payments are made on time (total 1 year).  Balloon payment after 1 year.  Seller will list property mid 2019 for $190K if he doesn't sell.

Sounds like the seller bought this from the bank at foreclosure and is closing on Feb. 18th.  The bank bought it in mid-2018 for $146K.  Seller hasn't seen inside of property.  No information on current tenants or rents.  Verified with city no back taxes owed on property.  Looks like newer roof and new windows.

I'm just looking for some input/advice on this.  I just put a $118K cash offer in yesterday which was accepted today on a different property and expect to close on that deal in about 2 weeks.  I can come up with the $30K downpayment for this seller financing deal, and get the additional funding or cash within 3-6 mos.  Thoughts?