Seller financing for family members

[Haley M.]

Hi everyone - we've owned a property for the past 10 years that we rent to family members. We charge them less than the mortgage, but with the tax benefits we end up breaking about even every year, so it's not an asset but it's not losing (much) money. We're now in a situation where we'd like to get rid of it to free up some of our mortgage options, though our family still wants to live in the house. I think seller-financing might be the way to go here, since they would have a hard time qualifying for any type of loan. The house has just finally become above-water after the recession, so we pretty much owe exactly what the house is worth at this point. 

My question is, how would seller-financing work in this situation? We still have a mortgage on the property, and the rent they've been paying is less than the mortgage payments. We're really not trying to make money off the deal, we're really just trying to unload this without losing money. Any advice is much appreciated!