Seller financing - What and who should be involved?

[Jason Lowery]

I'm a new investor with a buy and hold strategy looking to find deals in the Atlanta area as well as Tallahassee (my brother/business partner lives there). I recently sent a Facebook message to my neighborhood's private group page asking if anyone was planning to list their home in the near future and got several replies. I then asked each person privately if they were interested in seller financing and briefly described what it meant and gave a scenario in which a seller would benefit from seller financing as opposed to a traditional listing/transaction. A few said they would consider, one said they might be interested.

I know how to value a property and determine whether or not it would cash flow and how much to offer, but I'm not sure what all is involved with the transaction itself. I plan to speak to a real estate attorney to maybe get some boiler plate contract to use in several situations, but what else or who else should be involved to make sure the transaction goes smoothly and legally? 

Can someone maybe give a comprehensive checklist I can use for these situations, and/or tell me about a time they successfully used seller financing on a single family home?