Owner Financing - Need help understanding the process

[Dustin Twiggs]

I have a vague understanding of owner financing. I'm not generally bad with numbers, but I am wondering if anyone can give me an overview of owner financing you have done (preferably with someone who wasn't an existing friend/relative). 

What are typical terms in owner financing of a property? I assume that I'll pay a slightly higher rate with a shorter term realistically. 

How is the financing tracked so all parties are agreeable on outstanding debt, payments made, etc? 

I am looking at a piece of property that the owner may be willing to finance for me, but I am unsure of how to make the offer and what to expect in terms of documentation etc. Should I have an attorney of some sort draft the contract? Do I look for a real estate attorney or someone who specializes in finance? If the property is owner financed, who is liable for insurance and taxes?

I'm sure these things would all be covered in my final contract I am just hoping to learn from examples you may have to share. thank you! 

(oh and while I am hoping for a favorable term/rate etc, my overall plan is to carry the property in this method for only 1-2 years, then build on it with a construction loan.  The property is rare and a good price, but I will not be able to go the full distance of building on it for another year or so, so I am trying to lock down the property now with every intention of refinancing it and paying off the owner entirely at that time).