Pros/Cons for Buyer when Owner Finanching

[Gabriel Haro]

Hello there,

I was told by a friend a couple weeks back that a great way to find properties for sale is to ask friends for their landlords information and ask if they had any properties they were wanting to sell. I did that, and it worked. 

Landlord has a house he is currently leasing but is open to sell after the term ends. However, my current employment is a 1099 (which will not get me approved for a loan unless i have at least two years of 1099 work under my belt) That being the case I want to owner finance and do have enough to give a 10% down. 

How do i convince the owner that it is beneficial for him to finance me the house? What are ways I can negotiate the best deal? I have done some research and I am somewhat familiar but if I am open to new ways to motivate him to finance me the property. He does not want a 30 year note so i proposed a 2 year balloon.

For me as a buyer, what homework must I do to prevent confusion in the future?

Thank you!

Gabriel Haro

Dallas, TX