Seller Financing a Multifamily Property - Seller/Buyer Sides?

[Carleton Ashley]

A client is interested in buying a multifamily property with 80% seller financing.  The property has no mortgage on it.  Who has completed a sale with seller financing?  With no mortgages and no bank involved, are terms that can be offered/negotiated wide open?  Balloon payments, payment of interest only, payment of principal, # of years/months, what are some of the risks for both sides on this deal?  The seller has said they are concerned that they need the money for health considerations.  FWIW the property is worth $1.5MM and the buyer will be putting $300K down.