Seller Financing? Has anyone had success with it?

[Kuriakos Mellos]

I recently purchased an investment condo that rented out almost immediately after I did some minor work on it and will cash flow very nicely. (I know some people stray away from condos but I have had actually had a lot of luck with them.)

There are no vacanancies in the building but have had my eye on a two bedroom for sale on the market nearing 150 days - I called the agent myself and told me the seller was stuck on his price - even though it needs some work in it.  She told me that he has declined three offers so far but might be willing to negotiate a little now going into winter.  Knowing the potential to cash flow fairly quickly, I called her and suggested Seller Financing, which she agreed might be a good option for him.

A) What should I be AWARE of in Seller Financing?

B) Perks? I feel like being able to get this with minimal money down, avoiding banks and quickly turning it cash flow is all a win! And the seller is not hit with a fat tax bill right away.

Any feedback on ins and outs of Seller Finanicng or suggestions would be GREATLY appreciated.

Thanks,

K-Man