Seller Financing Monthly Payment Options

[Collin Wilson]

Hi everyone. I was fortunate to close on a property in which the seller agreed to seller financing. A note was prepared and the property has closed. The seller is very laid back and is satisfied with me mailing him the mortgage payment every month (15 year note). I know a lot of people use a note servicing company to handle the payments but is there any issue with us handling the payments between one another with no third party assistance. The seller will need to complete a 10-98 at the end of the year for tax purposes. Any suggestions on maintaining proper record of payments? Thoughts and recommendations are greatly appreciated.