For Sale by Owner- please Help

[Janelle Hicks]

My close friend's dad heard I was doing real estate and mentioned he would be selling his house later this year. I took a look, and the price he quoted me is a great deal for me, and makes his life a bit easier to not just list it on the MLS. We were considering doing FSBO, but neither of us really knows how exactly to do that. I would like to get it under contract ASAP, although he doesn't want to move until October 1 I was thinking just do a long closing- giving me plenty of time to work out title co and financing. I thought of seller financing but he doesn't own it outright and he just wants to be done with it. So I guess my questions are- 1) how exactly does fsbo work? Do I just print a real estate contract from the internet and we fill it out, then I take that to my bank to get financing? 2) if we get it under contract now can we delay appraisal and inspection for a few weeks so as to not rush him? 3) and thing I could/should do to make this either a better deal or a smoother transaction for both of us? I'm trying to take the lead a little bit/ make this easy for him as I'm the "more experienced" real estate person, although I only have 2 rentals so far, and I've never done a for sale by owner before.