Selling my first house and carrying the mortgage

[Scott Armstrong]

Hello,

I've done a lot of looking around and have read many different posts but have not seen anything that closely resembles my situation. I'll try and lay it all out but if I miss something please feel free to ask. Thanks upfront for all your replies/thoughts.

I have a house that I'm planning on selling to some friends.
I still have a BOA mortgage w/ 21 more years on it (technically, but I know I'm ahead on that) that I plan on keeping and paying down as quickly as I can afford.
My friends have almost no money to put down and I'm planning financing them.
I have a lawyer who I've used twice in the past for traditional purchases (one bank financed, one cash) and she assures me this is not a difficult thing.

My friends have agreed to my asking price and my terms of the loan.
We are getting a small premium on the sales price of the home and are loaning them the $110,000 at 6% over 30 years.

We still owe about $75,000 of the original $91,500 BOA mortgage which is at 5.875%.

I talked to my Allstate agent and she said we'd have to switch from homeowners to a Landlord policy.

First question, does this sound like a fair deal for both parties? Mind you I'm not trying to get rich I'm just trying to strike a fair deal and get rid of a house that I just don't want to deal with anymore.

Secondly, what type of sale would be best so that we may keep the current BOA mortgage and retain possession of the property in case they fail to pay. (totally not worried about that but want to be covered, just in case).

Lastly, does that sound right about the insurance? Also should we or can we require them to carry renters insurance even if they're not renting but buying with some type of deal that keeps title until they are paid in full?

Any other advice you think I should know please feel free to share.
I'll keep reading around the forums in the mean time.

Thanks!
Scott