Seller financing question, Help!

[Justin Caputo]

Hello BP Fam!

So I have been looking to get my first deal under contract for sometime now and I finally found my opportunity!

I got a small 2bd/1bth house offered to me that needs some reno. He's willing to let it go to me well under market value ($150k, comps support $300k) and he offered to carry financing (seller financing). I have heard that this is a good way to do your first investment, so that's good. My question is, what should I look for in seller financing, ask about, avoid, would I use the same PSA as a regular purchase, etc. Any advice would be appreciated!

Thanks for your help and advice everyone!

Happy Investing!

JC - The Portland Real Estate Guy