Selling with owner financing for 1 year

[William Price]

I'm getting ready to sell a property that needs a full rehab.  I've explored several different strategies and it looks like my best option is to sell with owner financing. I'm going to pay off my existing mortgage at closing and then have a promissory note for the sales price. 

Since it needs a full rehab, I'm only requiring a small down payment and then I was planning on doing an interest only note for 1 year with the full payment (less down payment) due at the end of the year.

I'm having an attorney draw up the promissory note and handle the closing, but I want to make sure I'm not missing anything here.  

I only want to do 1 year b/cs I don't want to tie up the money for more than a year.  Also, the rehab should only take a few months and then the buyer can go to a bank and refinance to pay off my promissory note.

Is there anything wrong with this strategy? Any pitfalls?  If the buyer stops paying interest or isn't able to refi, I would be able to foreclose on a rehabbed unit.  

Thanks for any advice.