How would you structure this deal?

[Ian Funnell]

There's a 17.5 acre off market property for sale. It has a 2,100sf home on the property, horse barn, pasture, rodeo ring, and backs up to a small body of water. The area is growing significantly, and thus has what I believe is long term appreciating potential. The owner owns the property outright, and wants $800k, which is reasonable for the county in which it's located. They're willing to seller finance with a three year balloon as long as I put down $250k. I'm willing to oblige as long as I get favorable terms.

The goal of purchasing the property is for investment purposes. I'd like to rent the property out for a few years, see where interest rates are at the end of the balloon, and decide whether to refinance in order to keep it or sell it. So in the short term, my objective is to end up with a cash flowing property. With $250k down (or 31.25% down given the purchase price), I feel like I have some leverage. 

So how would you structure the deal? I'd appreciate any feedback, thoughts, etc.