Quick Questions on Owner Financing

[Kevin Barrett]

1.

If I ask a seller to do owner financing, but I am not sure of how long I'd like to own the property should I see if I can do a 10 yr loan and put a clause on the note that I can sell at any point in time?

2.

What is the most common way that the mortgage gets paid? Does the buyer just give the seller the mortgage amount each month and then the seller pays the bank?

3.

If I got an accepted offer for $255,000 and had an interest rate of 6% for 30 years the total monthly payment would be $1862.19 (including taxes). The 6% is included in the total monthly payment, correct? Does the interest I pay to the seller fluctuate each month like a conventional mortgage does? Am I paying taxes to the seller too?

THANKS in advance.