Owner financing steps or procedures

[Alfonso Castillo]

I have a seller who is tired and wants to get rid of his five unit building. He is entertaining Owner Financing. I am meeting with him later and need to understand it so I can help him feel comfortable with the deal. Questions right off the top of my head are: How much should I offer as a down payment? How long does he hold the loan? And when do I refinance it to pay him off.