Owner financing rental property

[Alecia S.]

Help! I have someone willing to owner finance a house to me worth 220000 that I could rent out for 1750 a month. I have never done owner financing and wondering if anyone has any suggestions. I think it may be worth doing because it will not decrease my debt to income ratio and I will still be gaining an asset. The property needs no work done to it but does not meet my one percent rule to work as a rental. What do you think? Any suggestions on how to approach sellar with specifics on the financing? It is not on the market and he is willing to work with me.