Owner financing issues with elderly owners?

[Cody Smith]

Hi all!

I was wondering if anyone could offer some insight on owner financing when the owner is elderly.  For example, I am looking at a rental property an elderly gentleman might be willing to sell to me using owner financing (he uses it as a rental and does not live in it).  Are there any specific issues I should be thinking about if the deal goes through, and the gentleman passes away?  Would I basically just make the payments to the gentleman's estate?  Could any of his possible heirs affect the deal?  My thinking is: if his heirs do not want to mess with the arrangement, they could simply sell the note to someone else, and I would then make payments to the purchaser of the note.  Does anyone have experience with this specific situation?  Am I overlooking anything?  I appreciate any advice and insight!  

Thanks!

Cody