Buying 4plex via owner carry financing

[TRUSTEN BROWN]

Hello,

I wanted to reach out as I have never done an owner financing buy before. I have bought and managed several multi-family properties in WA however they have all been through conventional financing. The owner owns the 4plex 100% outright, the rents are under market and the property is in rough condition. Already the seller is willing to drop the price by 20k for plumbing and electrical repairs.

My question is how should I structure the deal so as both parties are mutually happy and mutually protected from variables etc. Some of my concerns are; not being able to refinance within the period given/agreed upon what length should I ask for? 1,2,5yrs? Also attempting to keep initial up front cash for the deal low. 

Any advise such as interest rate, how the monthly payments to owner during carry period should be allocated etc will be very appreciated.

Sincerely

Trusten Brown