Questions on Owner Financing

[Sheena Varghese]

Anyone with owner financing experience that could provide some guidance?

I have a deal that is a commercial duplex.  The owner is willing to finance it with 20% down, $60K less than asking at 10% interest for 10 years. No balloon payment.  I plan on negotiating a bit more to bring the rate lower.  I don't have any experience with owner financing.  I know he has balance on his mortgage.  I am waiting on an answer from the agent on the remaining loan balance payoff plan from the seller.  I plan to have a lawyer review everything prior to going into contract.  

What are my must do's with owner financing?  I will do an inspection and of course title search.  

What questions should I be asking the seller?

When figuring out monthly payments, how would you calculate with these terms?  

Thank you in advance for your help!