Seller Financing - How to structure deal?

[Jeremy H.]

I have been looking into seller financing recently and came across a few opportunities where the seller is open to it - one of them in particular is an investor himself (old guy getting out of the business) and is open to seller financing. 

What have your seller financing deals looked like in the past?

This guy in particular is essentially asking for a deal that is basically a hard money loan - he'll loan up to 50k and wants 10% a year. For one this just seems like a bad deal unless the cash flow is high enough to cover both that interest payment, PITI and all budgeted expenses (PM, lawn care, CapEx, Repairs/Maintenence). You'd have to have an amazing deal to make something like this pencil out. This is the thing - he says he'll give a better price IF we use seller financing (I can see why lol). I have cash on hand but would prefer to try a new strategy and maintain high liquidity myself.

I hear about seller financing a lot but I'm having trouble coming across specific instances where it was used and what the expectation would be or the specifics of the deal would look like?

Any advice would be awesome!