What Are Good Seller Financing Terms

[Brian Mackey]

Hello,

I have an off market deal on a duplex right across the street from me.  The seller and I have agreed on a purchase price of 288k.  The top unit is good to go, the bottom unit needs work, and there is actually a 3rd kitchen in the bottom unit, which I will close walls up to make this whole thing a Triplex.  This will be my second House Hack.

The seller does not want a realtor involved, and I want to do the transaction without one to learn the process.

THE QUESTION: IF I have to go the Seller Financing route, what would you guys expect to be a good set of terms?  I imagine once all the units are good to go, and without me living in it, I could collect close to 3000-3500 in rents.  I want to be ready with a backup plan just in case the Lender does not see it as a financeable property.  

Id like to put as little down as possible, I understand there would be a balloon, and a higher interest rate.  What should I look to offer to make it beneficial for both of us.

P.S. I have been pre-qualified and everything, so I can go the conventional route if necessary.

Thanks in advance BP Fam.