Need help with financing my next investment....

[Adrienne Johnson]

I have talked with a homeowner who is ready to unload a under-performing duplex because he is tired of dealing with the type of tenants he approves to live there.  I have history with this property because I use to unofficially "manage" this property and was able to turn the property to a very profitable investment.  I had to stop my "managing" service because I moved out of town and couldn't manage what I had and his too. I explained everything to him as to how I turned it around and what he would need to do to maintain it. He didn't properly follow my instructions now he is ready to sale!!!

I have thought about it for a few days and i really think this property would be a good fit for my portfolio but i can't really finance anything at the moment since I just financed a duplex in Feb that I am repositioning right now. However, I'm thinking about seller financing and how I could use it as a way to purchase his property.  I'm not sure how to address this type of financing because I've never financed this way. I understand how seller financing works but I'm not sure how to suggest it to the owner.   Are there any legal documents that I must have or is everything on him to provide?  

Any information that you have would be truly appreciated.