Questions about installment sale. Capital gains.

[Jason Williams]

I have a property I'm selling to a friend. I'd like to set it up as a seller carried installment sale, interest only for 5-10 years to defer any capital gains. Will there be any issue doing this with California FTB or IRS?
I have not done any depreciation on the property in the couple years I've owned it, so there shouldn't be depreciation recapture.
Also, if this will work, does the sale contract, financing contract have to be written a specific way to be a legal installment sale? Does anything have to be filed with IRS or FTB?
I don't want to miss a detail and end up with a huge tax bill.