Owner financing second home, first home has roughly $70k equity.

[Timothy Albright]

I’m new to the real estate market, Kinda long time listener first time caller type of situation.

I just recently landed an owner financed deal, the terms are as follows ;

•$450k for home (single story brick nearly 4000sq under roof 4 bedroom ,3.5 bath, 2 car attached & 2 car detached, and 10  acres in a booming part of town.

•I have a buyer for the land portion of this deal (8 total acres) for $110k, with that $110k I’m giving the seller $60k as a down payment.

•We have agreed to a 4.5% on the remaining $390k (house and nearly 2 acres), while I should pocket nearly $50k in the process.

• note: this home and land was appraised at $490k in 2018

Also, my current home I have roughly $70k of Equity built up.

With all that information I have a two part question. 1. Did I miss anything on Structuring the owner financed deal? 2. Should I cash out and sell my current home, or keep and rent?

Thank you in advance for taking the time with any help you can offer.