May have landed a seller financing deal. Help!

[Nathaniel J Mott]

I’ve been cold calling my driving for dollars list for about a month and just received a call back this morning that sounds promising.

The seller is an absentee landlord living in CT. Property is in NC and he inherited it 10 years ago when his mom died. Has been renting it out ever since.

He seemed interest in selling it so I was going to try to assign the contract to someone else, but it seems like he might like the monthly cashflow. I was going to propose seller financing but not sure how to structure the deal or what kind of purchase and sale contract to use.

Can anyone forward me a link for a contract that would work in NC? What terms should I try to negotiate?

Home details:

The home is off a pretty major road. The houses in the surrounding area are all going for $500k+ but this is the only one on the major road, the rest are in the adjacent neighborhood. I’m not sure of the property condition but I believe it’s habitable. Going to get more info later tonight when he calls back. Zillow estimate is $275k and realtor.com estimate is $520k.