Owner financing in's and outs

[Eddie VanBuskirk]

I have been working through off market properties to find properties to wholesale and one that I could keep for myself.  I have been finding deals in a part of Kansas City that has a lot of Hispanic people in it and another investor told me he had been owner financing deals to a lot of hispanic families because they have cash and typically pay their rent.  

I have no idea how to work an owner financing deal and I was wondering if someone might be able to help me with direction?  How does the deal work? How to I charge interest? What happens with the title while they are paying off the property? 

If someone can help me I would really appreciate it.