Seller financing Dothan, Alabama

[John Laseter]

Good morning all,

Saturday afternoon a gentleman knocked on my door and produced a postcard that I had sent to his house offering to buy it. At first I thought he was going to give me a good butt chewing, but it turns out that he is ready to retire from investing and was looking to sell off some of his properties, eight in all, so he and his wife can spend the rest of their days without the hassle of having tenants. He didn't want to sell to just anyone, so he came by to meet me and hear my story. We talked for several minutes, then out of the blue he said he would offer seller finance if he found the right person to sell to.

I am very new to this whole real estate world, and would not even know where to start when it comes to this type of financing. Does anyone have any suggestions on how to proceed? What does a good deal look like for both the seller and me? Do I need to get a lawyer involved at this point? I would appreciate any constructive feedback. Thanks, John