My Property: Seller Finance it Instead of Renting it?

[David de Luna]

One of my properties is nearly done with rehab. I was going to rent it instead of flipping this one. I was approached with the option to seller finance it. I'd get something like 10% down and sort of make up the rest as we agree. I can still refi my money out of it also for say, a 15 year term and do a seller finance deal for 15 years, or so I'm thinking. I get a chunk of cash from buyer, then another chunk from lender and take amortized payments over the life of the loan. I know enough to know the down is non-refundable, I'd get a warranty deed to file in event of default so I don't have to deal with a foreclosure process. I really like the idea as it takes all the landlord stuff off the table. No more operating expenses. Over the life of the 15 year loan, I'd collect far and away more than I was going to make flipping it, which was why I had already decided to rent since I'd make more renting over time than a quick flip. If buyer defaults, I keep all the money collected and market it all over again. Or sell it. Or whatever. What am I missing? What's wrong with this scenario?