Mortgage Note Question

[Wes Eaves]

I had a seller contact me that doesn't want to sell their house via a conventional retail listing on the MLS, but wants to sell to an investor because they want to rent the house back for a year after closing.

The seller is wanting pretty close to market value (approximately 90%) for the house all cash.  

My thoughts are to find someone wanting to buy a note that is valued more than the cost of the house on terms that would cash flow for a rental.  Just so there are numbers to work with, the seller is wanting $168k and the market rent would be $1,400.  

Would giving someone a note for $188k with terms that would make the house cash flow (approximately $700/month) be considered a fair deal?

For what it's worth, this is a probate deal in the Tampa, Florida market.  All advice is greatly appreciated!