I'm considering seller financing my rental property

[Ryan Evans]

Hi all, I'm strongly considering seller financing one of my duplexes in Cleveland. I own it outright and it's a cash flow machine even with a loan on it - It's worth around 70k and rents for $1,350. I'd just rather free up a bit of cash for some other business ventures and don't feel like listing it for various reasons, even though I'm a realtor. Partially, to spread out the tax burden, it could keep some money coming in every month, and lets me get a deal going without the prep work needed to get it totally market ready and maximize my price point. 

My question is this, what are the big considerations or things to look out for when structuring a deal like this to minimize headaches and risk for both sides?  I want to have terms that make the worst-case scenarios very cut and dry such as if I were to have to foreclose, if the property faces significant damage or mismanagement, or if the buyer isn't able to cash me out at the end. 

I'd be looking for at least a 20k down payment and probably a 2-3 year term with a negotiable interest rate. 

I'll have my attorney get the docs together, but I want to see if the BP veterans might have some lessons learned!