How to structure Owner Financing?

[Justin C Huggins]

I currently have a home listed for sale and have had many inquiries about purchasing with owner financing.  I currently owe 89,000 on the home.  The home appraised for 130,000 recently and I was wondering about how to structure something like this?  I would not want to take less than a 10% down payment and was thinking of an interest rate of 6.5%?  Then I am assuming I would be working with a closing company to coordinate all terms?  Can I require escrow to ensure the taxes and insurance are paid?  How is something like this structured, would the payments made by the buyer going directly to my note or could it be setup in this fashion?  Just curious how the whole process would work.