Does Seller Financing Reduce Taxes on a Sale

[Jonathan Felts]

I am looking to sell a small commercial office condo unit (1728sf) in California. I received two offers one all cash for $609k and the other $625K with $315k down payment and then 5% owner financed over 5 years.  I was planning to 1031 with the all cash offer, but found some articles saying that selling it owner financing delays or reduces capital gains taxes?

I have a $315K loan on the property that is $1680/month. Taxes and insurance cost $550/month.  Is the owner financing a good deal since I still have a loan? Do I escape any taxes?