Seller Financing Details Help

[Carter Mezzio]

Hello (again) BP community! I have been searching for my first rental property investment and, due to some financing troubles for my partner and myself, we had to reach out to local investors and inquire about seller financing. Thankfully, we have found some people and potential properties that could be seller financed to us and I just had a few questions I was hoping some people could help clarify on. 

I will use an example property at $75,000, 9%, amortized over 30 years with a current tenant rent at $1000/month:

• After running the numbers on what the mortgage payment would be for this property it came out to ~$600/month. Even with seller financing, does this not include taxes and insurance for the monthly payment on top of the $600/month?
• When my partner and I look to refinance this out in a year or two when we believe we will be able to qualify with a traditional mortgage lender, what costs do we pay for that refinance (i.e. closing costs, any other fees, etc.)
• Also, to add on to the refinance question, if we get it refinanced and an appraisal puts the value of the home below what we purchased at what happens then (if anything)?

I am especially new to the whole seller financing process and its pros and cons so any help with these questions would be very greatly appreciated!

Thanks for your time.