Creating owner financed notes for an IRA

[Amanda G.]

Very complicated note deal, looking for advice how to structure it.

A money partner with a self directed IRA wants to buy a property and then sell it with owner financing and keep the note. I have the deal for them, and for payment for finding the property, prepping it for sale, finding and vetting the buyer and getting it all to the closing table, I would like to receive a second lien note on the property instead of a lump sum.

How the heck would you create this contract, and what are the tax implications for me? am I going to pay taxes on the face value of the note as income, the payments as they come in, or ....?