Seller finance with a family member

[Sylvia Rodriguez]

What is the best way to structure a deal using owner finance with a family member.  One of my family members has home that needs lots of work but the owner can not pay for the work and needs to cash flow.  The property is paid for and another family member want to buy the home as is and pay the home off over a ten year time from or sooner.  It is a win win for both parties just not sure how to write the deal to make clear lines for all parties?

Any advise would be helpful.

Thank you,

[Colleen F.]

@Sylvia Rodriguez  I would have them talk out the vision of the agreement then go to an attorney. I don't think an attorney can advise both parties though. The big issue is who is living in the house. If it is a straight rental and no family is living in it that may work. Otherwise its probably not a good idea.