Cash sale VS taking back mortgage on rental property

[Norm S.]

So, I've owned this SFR for 20 years and the area has gone up in value- probably worth $65k or so now. My long term tenant is asking about buying it with cash but it seems to me that I may be better off taking a sizable down payment and taking back a mortgage on it. I could charge more than a bank and still be getting the monthly income without the repairs. I don't think that I would pay tax on the sale until mortgage is paid off. If it would be beneficial tax wise what terms should I ask for- 15 year at 6%? Or what. Has anyone had an experience like this?