Owner financing question

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Do you have to own the property free and clear to offer owner financing?

If you don't, can someone explain roughly how you go about owner financing if you currently have a mortgage on the property.

I ask becuase I have a home being offered at 157,000 and the value in todays market is 289,000. I would like to buy it and sell it for less than 289,000 say 235,000 making it the best priced comp in the area and maybe make some cash back over time thru interest.

can this be done, do I just need to see a real estate attorney?

thanks