Seller/Owner Finance Structure

[Dustin Faeth]

Has anyone successfully acquired a property from a seller using seller financing? If so, how was the deal structured...amortization period, balloon payment term, any down payment (or none needed?), how taxes and insurance payments were handled, etc? I am negotiating a possible deal like this right now with a motivated seller that lives out of state and owns a rental property free and clear in my city that he wants to liquidate, so just curious. Any tips or info is appreciated...thanks!