I want to buy the home I'm renting - Do a owner finance! Help?!

[Angelica Casanas]

Hi, I want to purchase the home I am renting.  She is a good friend of a good friend of mine.

She purchased home in March 2021, so she can't sell right now and won't - I've asked. I'm working on building my credit and I would apply for FHA. I haven't as of yet.

I heard about owner financing on podcast.

My question is... she doesn't know and I don't either - how we can make an agreement so I can purchase her home?  How do I go about writing or creating an agreement? What terms would be good for both of us?  Once I present her offer and she agrees, how do I protect myself from her backing out or is there anything else I should worry about?

Thank you for your help!

And BIG thank you Bigger Pockets for having the resources and for what you do... I've always wanted to be a real estate investor and so I'm really excited for my family and I's future. Bless.