Seller Financing - offer and terms

[Kammarie Davis]

Hello BP fam. I’m trying to close my first deal! It’s a home that’s been on market for 44 days. It was a fix and flip bought 6/22/22 for $55,000. I called the selling agent and asked if the owner would be willing to do seller financing if I sent a offer with terms, the agent being paid of course. She told me that he’s very motivated to sell and to send a proposal. My goal is to rent it out and in my market I can expect around 1200-1500 in rent if I accept section 8.

Details:-2bd 1ba single family-renovations: new ba w/ floor to ceiling tile throughout, new vanity, new toilet, new lvp flooring, new carpet, new roof, new lighting, new water heater - built in 1912(I visited the property and the only thing I noticed was that the windows had not been replaced, and there was no central air although there were cooling units in each of the room.)

I’m having trouble formulating an offer amount and terms because I don’t know how much the owner is all in on the property, and what should the terms be for this type of deal. Can anyone kindly lend some advice?