Is it possible to refinance an “Owner financed” property?

[Derek Hamilton]

I’m looking to purchase this property to occupy it. I was thinking about approaching them on owner financing because my wife is currently on a furlough so conventional financing isn’t an option. But I didn’t want to have a long term deal where I’m paying the sellers mortgage due to his age and the other issues that can go wrong. So I was thinking something short like 1-5 years and refinance it to put everything in our name instead of his. Is this something that’s possible? Or what can I include in the contract to make it possible?