buying with owner financing advice

[Zachary Gallik]

ok, my best friends parents decided they want to move & have already purchased a new home, yet to move in (waiting on some work to finish)

either way we've come to an agreement of 20k total over 3 years with 5k down.

its basically a 4 bedroom 1 bath. it needs atleast 5k in work. mostly flooring, Drywall, & some kitchen work, 10k would really spruce it up with some new cabinetry & central AC. Id really like to put in a second bathroom in. Newer (10 years old) roof, windows, furnace, water heater 2016, & Murray electrical box 2004. it does get some moisture in the basement.

it may become section 8.

can anyone give me any advice either on the place or going about the purchase. & really on the contract between the sellers & I is where I need info.

Basically bellow is the contract I have made up so far, I put it in bold to make it different from the post.

Purchase agreement for address.

The property is sold in “as is” condition with work needed for the total sum of $20,000, To the party of (my name) or associated company. The payment will be split into 4 equal payments of $5,000. The first payment of $5,000 is due upon signing of this document. Each $5,000 after will be made on or before July 31 of the respective year, 2020, 2021, 2022. If possible the house may be paid off ahead of schedule.

Seller X_________

Purchaser X__________

Upon signing of this contract the selling party will pay off the property in total & sign the deed via quit claims deed to the party of (my name) or associated company.

Seller X__________

Purchaser X___________

The property is known by sellers to be free of any leans against it. X___________

Thanks I appreciate any info & advice.