Potential Seller Financing Investment to Buy

[Nick Walters]

My wife and I have an opportunity to purchase a single family investment property on Cape Cod, MA and wanted some advice on how to proceed using seller financing. We would explore taking out a conventional mortgage but the seller wants to get rid of it quickly, doesn't want to list it, and wants to deal directly with us (she's a friend of a friend and going through a divorce). We only have about 10% cash for a down payment (purchase price will be ~325K) and I just started a new job so I don't think we could get favorable terms with how long I've been at my currently job.
If we can finance it through the seller for a term of 3-5 years which would give us time to be able to refinance within that time period, I think this would be beneficial to us. Purchase price would be pretty close to market but 30% below the peak in 2005. We'd like to keep this for the long term and use it as a summer rental property (very hot market on Cape Cod) and for our use when not rented.
I'd just like some advice on how to structure this deal and present it to the owner. Thanks in advance for any help you can provide.
Nick