Owner Carry Questions

[Mark L.]

I'm selling a rental property and due to the number of inquiries regarding financing, I may consider owner carry.  This would be the first time I would do this, could someone experienced in this maybe outline the risks?  My plan would be to outsource all aspects (origination and escrow).  The property is free and clear but I would take a 1st Trust Deed out secured by the mortgage note.  Structure something like 20-25% down, 8-9% interest to recreate an incentive for the buyer to refinance.  

If they default, what does it cost typically to foreclose?

Would I be able to sell the note down the road a bit to get my principal back?  Would 1031 rules apply?