How does seller financing work?

[Travis Felchlia]

I'm looking to buy my first BRRRR strategy, it's also going to be my first home while we remodel, I don't have a lot of cash saved up for the down payment/closing costs. I was just curious if anyone could give me a little more info on seller financing than what I've learned so far. From what I understand, when you get the seller to finance, you make payments to the seller until the down payment is paid off for that property, but how long do you pay? I can't imagine someone would want to pay my down payment then wait 30 years to receive all their money back… that would be insane! I'm also pretty sure that if you miss a payment to the seller that you lose the property all together? So do you make the financing with the seller like a 2 year thing then quickly rehab the home and refinance with your bank to get your seller financing paid off? Thanks in advance!