Seller Financing Deal Within the Family

[Joshua Cornell]

Hello everyone. This is my first post and I'm really hoping to get some good advice. I've been listening to the BP podcasts and reading a bunch to gain some knowledge before diving in to real estate investing, but I was hit with some news that requires immediate action. 

My brother sent me a business plan that he wants to start up with me involving our grandmother's 80 acre farm. We've talked about buying it for a while, but we haven't been in a position to purchase it. She's not doing very well though and she actually suggested we buy it now because she's not sure how much longer she has left and if we don't buy it she's going to put everything up for an estate auction in her will. We're trying to keep the property in the family but my uncles are more interested in collecting an inheritance so we're trying to come up with a solution that makes everyone happy. In our scramble to try to figure something out, I suggested using seller financing so we could establish our own terms that would make sense for everyone in the family. I haven't been able to find a whole lot of great information regarding the actual development of a seller financing deal. 

Does anyone have any advice regarding some things I need to keep in mind when talking with my attorney? 

I'm also wondering if there's anything unique that I need to consider about crafting a deal knowing my grandmother will likely not be around much longer? Do I need to address what will happen with the note when she passes?

Any advice would be greatly appreciated!