Owner Financing // Land Contract Of Commercial Space

[Joe Sampson]

We have a option to purchase a nice commercial building that we currently occupy one of the units.  We have been long term tenants and have a very good relationship with the current owner.  

We discussed a land contract // seller financing on an off market deal at a nice discount from fair market value.  

If anyone has any insight or resources on how to proceed or structure these conversations and the deal moving forward that would be much appreciated.  I don't see any books specific to the topic at my local library.

He wants us to have the building, we want the building & the price appears make the deal a bit of a no brainer.

How do interest rates usually work with regard to current market rates?  Term lengths?  How does each side safeguard itself for the life of the contract?

THANK YOU!