How do I offer owner financing?

[Wojtek Wlodarski]

What are some good write ups on offering owner financing... the dos the don'ts... the risks and benefits (i'm guessing asking for higher value). Let say a property is purchased for $20k with all cash. I put $5k into its rehabb (not going to buy a disaster). Now fair market value of this house might be $40k... lets just say... but I can get $45k if I offer owner financing etc... Do i just need to have a Note and a Mortgage drawn up in my name and recorded? BTW my targetted area with be Ohio. I work for a bank and have connections with lawyers/title companys but owner financing isn't a type of financing where I'm from so they don't help me :-(

Thanks for the help!