Owner financing question

[Bonnie B.]

I am looking to purchase a duplex and the owner said today that he is willing to owner finance. He knows that I have a property that I own free and clear that is worth twice what the duplex is worth. I'm meeting with him tomorrow to discus terms and I have a feeling he wants to secure the note with my other property. Should I do that? Or make sure the note is secured with the property he's financing? There's not a lot of equity in the property he's financing after he finances it but we plan on making improvements. It might seem like a stupid question but I'm a newbie. I was willing to take a loan against my property that I own to buy the duplex but I was declined due to lake of income. The duplex has monthly rental income that the banks couldn't or wouldn't consider. What should I do?