How to write up an offer for owner carry loan

[Taze Hull]

Hello, I am a licensed general contractor and home inspector in Portland, Oregon. I am new to investing in real estate besides buying my last primary residence, renovating it and eventually selling in Sellwood. I recently have come across a motivated seller planing on selling his home by owner  in a highly desired neighborhood, in the heart of the Alberta arts neighborhood, in Portland. I have ran some numbers on what I think it will cost to finish the basement and add another room and bathroom turning from a 2 bedroom, 1 bath into a 3 bed room, 2 bath. After looking at some comps, I have come to the conclusion that there is money to be made for sure if I can get the price around 500,000. I don’t have great credit to lock down the financing through conventional means and will need to lock down the capital for the down payment and renovations through private parties. I’d like to see if the owner is interested in doing an owner carry on it. Would it be better to do a note and deed of trust or a land sale agreement? If anyone has done something similar and has some advice I would really appreciate it.