Seller Financing Multifamily Advice

[Eric Swint]

Hello BP,

I'm in the process of purchasing my second duplex with seller financing. Purchase price 150K (. We've settled on a 7 year balloon with a 6% interest payment (based on 30 yr amortization). Down payment of 3.5%. Property is in an A class neighborhood, needs minimal rehab (under 5K), and currently vacant. 

This being my first seller financing deal, I'm looking for some advice on the process/deal. We had the inspection, and all is good there. Property is in very good shape. What process do I need to make sure I follow with a seller financing deal? Do we sit down with an attorney and draw up the contract? Do I talk to a lender and make sure that I don't have any issues down the road with the balloon payment? What parts am I missing here? Any guidance would be much appreciated.

Thank you,

Eric