Looking for pointers on Contract for deed

[Dan Roskos]

Hi everyone! I am a relatively new landlord ( going on 2 years ) and looking  to acquire property number #2. The property is a fair sized, up and down duplex with one side currently on a month to month lease. I have talked with the bank about it, they said the only way i can buy the duplex is if i sell my current duplex. Thats not going to happen: from there I started to look at alternative means of acquiring the duplex and I found contract for deed option. I floated the idea past the seller, they shot the idea down right away, but a few days ago they are now open to the idea and they wanted me to shoot them a proposal with the numbers ( purchase price, down payment, interest rate, term length ). What are somethings that I need to know before bring the deal to the table?

Thanks Dan