What does an "owner finance" deal take?

[Adam Reiman]

So I just bought my second house a month ago on a block where all the houses were built on TV and given away, top of the line lights, faucets appliances etc. 2 doors down a house sits vacant as the winner lives out of state. Talk on the block is that she "wants to rent for 1200". I see I evidence that she has anyone working on renting it and I totally think it could get 1500. I am thinking of contacting her and proposing she sell me the place owner finance. I would like to have most of the details hashed out before contacting her. Have any of you ever worked one of these deals? Obviously I want to cut as many middle people out of the process. Can I just draft an agreement and us both sign? Will I need a closing attorney and or tittle person?