Carrying a note on a paid off rental property

[Bryen Blankenship]

I have a fully paid off rental property with a solid tenant in place, but it's in a state with high property taxes (IL). The current tenant wants to purchase a home, but doesn't have a down payment larger enough to qualify for a loan. I'm thinking about doing owner financing and carrying the note. By doing this I can avoid a few things:

1. Paying increasing property taxes

2. Paying property management 

3. Paying for property insurance

Because the property has increased in value I believe I can increase my monthly profit by a couple of hundred dollars and avoid the headaches of managing the property. My question(s) the BP community is what are the steps I need to take in order to make this happen?

This is what I believe I need to do:

1. Create a promissory note 

2. Collect a down payment (10-20%) of purchase price

3. Transfer title

Thanks in advance for the help!