What terms would you negotiate for a seller financing package?

[Eric Huebner]

Hello BP!

I have an opportunity to purchase an 8 family apartment building in Wisconsin from a family friend. The owner owns the property free and clear and is looking to retire from the business. 

The owner said he is willing to offer seller financing to help me purchase the property and help him defer taxes on the sale.

My question to the BP family out there is what are typical terms of a seller finance package?

The asking price for the property is $425k. Rents range from $650-$625 per month. It is well maintained in a B/C neighborhood. All of the units are currently rented. The units are in very good shape, but dated. I know this market very well, and the rents are at market rate.

I could give the seller a 10% downpayment. But this is where I get stuck. What are typical terms in a situation like this? I have always purchased properties with bank financing or paid in cash. 

Thank you for your input in advance!