how do i structure an Interest only contract with seller

[Logan Turner]

Forgive my naivety, I am in Texas and have agreed on an interest only contract with a balloon payment at end of 6 years. This will be my first one and I have a few questions i need help with.

1. Do i still transfer deed in my LLC name, and record the sellers lien against the property? (like a traditional mortgage?

2. Would a land contract be more beneficial until the payment balloons? 

3. Do i need a real estate lawyer to draft this up for me?

 Seeking opinions on what you all would do / do do, not soliciting legal counsel or recommendations. Yes i said "do-do"

Deal: 4% IO. downpayment 10k. Sale price 81k. Balloon payment of 71k due at the end of year 6. IO payment would be $234 monthly. Rent $1100-1500/mo. C+ neighborhood (safe at night). Current value $100-120k