Question on structuring an Owner Carry deal

[Clayton Clark]

I have an opportunity to purchase a home to flip and the owner is willing to carry his loan on the property while we get the work done. We would avoid a lot of expense with Title and Financing fees this way but I am concerned with the risk. Does anyone have a good contract or a way to do this?

More background - This would be our first flip, I am a Realtor and confident with my comps and my business partner is a Contractor and is confident on his repair estimate. I would be the Realtor for the sell and my business partner would be the contractor for repair work.