Owner financing - pay structure?

[Dave Kennedy]

Typically what kind of terms do the owners expect if they were to lend you a % of the building?

Ex. Lets say I find a 1,000,000 apartment building. Bank will loan 800k and I need 200k for the downpayment.

If the owner is willing to give me 200k in financing how does it work? Is it like having a second motrgage? I'd pay 7% fixed, 25 yr ammo....etc. With the ability to pay him the remainder of the balance at the time of sale(When I sell).

Do they want a much higher rate then 7%?
Do they want it paid back within a year or two?
Does the mortagage to the bank take precendent over the owner financing if you come on hard times?
Do they get a piece of the pie when you sell?

Whats the standard? I know that every deal is different but I would like to know generally where these shake out? I don't want to sound like a fool proposing terms that are way off nor do I want to be taken through the cleaners by the owner and pay through the nose.

Thanks!