Seller Financing Multi-Family

[Devon Moore]

Hi all,

This is my first post but have been reading a lot on BiggerPockets.

I am looking to make my first investment in a fourplex.  There is a property I am interested in that is owned by an older/retired individual.  I want to offer him a deal including seller financing.

I am considering this offer because he is retired and older.  I know someone living in the building and the owner takes forever to get things done and still does all maintenance on the property.  I feel like offering seller financing will allow him to have monthly income from this property without doing any work, also it will benefit his taxes by not receiving a lump sum.  I am only cautious and haven't offered this because if he is not financially savvy, I feel seller financing can be daunting.  Any advice?

Also, what is typical for a down payment in this case?

Thanks!

Devon