Buying my first property with Owner Finance..Help!

[Matthew Mckibben]

   Hello, My name is Matthew McKibben, and I live in Minnesota. I'm looking at my first rental in St. Paul and have the option to use owner financing. I'm both really nervous, and excited all at the safe time. I've never gone through the process of buying a home because the wife and I decided instead of buying a single family we would get a multi family and "house hack". My wife and I have been wanting to get into real estate for awhile now, and I've been learning as much as I can over the last 3 or 4 years. I have read and own about half of the books on bigger pockets and am on number 250 of the podcast. I try to read the forums everyday, and go to local meet ups once or twice a month. So now that I've given a little bit of a back story I will go into what I'm looking for from the community of Bigger Pockets.

   I'm wondering if anyone has advice on how to go about purchasing a multi family with owner finance from someone that's done it before. What were the benefits and draw backs for you personally? Did you inherit tenants and if so how hard was it for you to train them to how you run your investment? 

    If anyone also has any advice on how to take advantage of the amazing opportunity with owner finance when it comes to negotiating a better price, or rates that would be very helpful as well. Really any advice is more then welcomed. I'm going to be meeting with the seller tomorrow afternoon so I'll be able to update this post with more details on the property after. The seller is my current landlord in the small apartment building I live in now and he's in the process of selling off his smaller properties so he can reinvest the money into commercial real estate. This 3-Plex is the same property that he started with 4 years ago. 

   I have to say all of this is coming together because I tend to talk to anyone that will listen about my goals in real estate, and when he came into my unit last year to inspect the building before buying it I just started to ask questions. Since then I've been doing work for him and have taken him out for coffee multiple times to ask questions. Since he knew I was serious about doing this I was the first person he came to when he decided to sell. I'm currently self employed and working on getting my real estate license so that's part of the reason I'm looking to use owner finance. I hope this post didn't turn out to long for people. Again any advice and feed back is graciously welcome. I hope everyone has a great holiday season and a happy new year. It looks like I'm going to have a lot of learning experiences in the up and coming 2020.