Ins and Outs of Owner financing for Commercial (5units)

[Jamie Masyk]

I am working on a commercial deal with owner financing. I believe I will work with a title company to set up a note. How do I set up a way to track payments, interest and what is still owed? The owner is an old timer that is not tech savvy and seems I don't know much more on this topic. It will be a 500k owner finance with 150k down at 6% intrest. He mentioned I can't pay it off for 7yrs because he wants to pay as little taxes a possible. Any info could help. Thnaks