Seller Financing Deal Structure

[Ali Horbach]

Hi BP'ers. I am looking at a vacant duplex to BRRR. Going in with a 300k offer on an ask of 354. The home needs minimal work. Mostly landscaping. Seller will hold paper at a quoted 35% down and 9-11%. It would use all my cash to purchase cash so was thinking of opting to have the seller hold paper and offering 25% down at 9% with a balloon at 5 yrs but no prepayment penalty just so I can get in quicker, fix and rent the property and then refi. My question is how many years do you amortize that loan over to get the payments? Is it always amortized at the length of the loan period (5 yrs) or could I propose to amortize over longer?