Structuring Seller Financing

[Michael Fitts]

My partner and I are considering a property that we would like to use seller financing to complete the deal. I was wondering how other people structure their seller financing deals. The property has been on and off the market since 2010 and has been owned by the same person since 2005 so we assume they have decent equity. We were thinking of the following terms:

-Minimal down payment.

-Amortized over 30 years.

-Option for balloon payment after 5 years.

-Interest only payments for the first 2 months to help us with renovations and placing tenants.

Looking for advice from others more experienced in this area!