How do I do 30% owner financing mortgage on a multi?

[Karen F.]

I have only ever bought for cash beforehand on investment properties. This time, because I just don't have enough cash on hand in the LLC that will purchase this property, the owner has agreed to hold a note for about 30% of the purchase price, for a 2 year loan at 5% simple interest, no points, with monthly payments over two years, can be paid off early with no prepayment penalty. It's all very casual - owner is eager to sell, we definitely want to buy it, and we've come to terms on a price that we think is fair. I just have no idea how to do this! No agents involved, just we'll use our own attorneys. Any advice?