Seller financing strategy?

[Alex Jean Baptiste]

So I’m new to this so either this strategy might seem fairly simple to some or maybe it’s a terrible strategy.

3 family owner may have a property for 800,000. Could you have them agree to selling it to you for $600,000 using a private lender. Refinance to pay private lender and have a contract with the seller to pay them a portion of the rental income up to the leftover dollar amount?

What are the pros and cons with this strategy?

I look at it like the seller might be intrigued in getting paid for their property overtime while not being a landlord anymore.

My margins would be very small initially however overtime could be great. Or even use a