For Sale by Owner, and Seller finance

[Spencer Coleman]

Hi Bp, 

I’m a new investor and still learning quite a bit; I’ve been driving for dollars around my current neighborhood, and came across a home that is a for sale by owner and offering seller/owner finance. My question is what are a few essentials that you look for in a seller finance contract that protect both the buyer and seller. I have sought advice from a real estate agent whom is a part of my family and she enlightened me with the potential pros and cons of a seller finance deals and what they could typically be used for. Also in listening to the bigger pockets podcast I have heard how fantastic an opportunity seller financing could be. Thus I would love to gain some more knowledge of things to be carful of and ways to potentially utilize this type of financing to the utmost. Any guidance or anecdotal information would be greatly appreciated! 

Thank you for taking the time to read my post!