Questions about seller financing

[Steven Leigh]

I'm considering a flip where the seller is willing to do seller financing. It's an investor who bought is really cheap but doesn't have time to rehab it for a while, so they are considering selling with a little markup. They are asking $55k, and the terms they've mentioned so far are 10% down, and that they will do interest only.

Can you give me an example of what that structure looks like? What would my payment likely be? What interest rate do you think they will expect? Since I've never done a seller financing before I really have no idea how this would work. Obviously I will get more info from the seller soon, but I want to have a better idea going in.

Also, what other closing costs, fees, and other costs in the transaction should I be planning for?

Thanks in advance for your help.