best way to structure owner finance deal?

[Mike Springer]

I am looking to sell a house in Texas owner financing.  I owe about 475K at 4%, my P&I is about $2300.  I'm trying to sell for  200K down and do a wrap around owner financed 800K note at 6.9% for 30 years so the P&I buyers would pay about $5,200 which would give me about a 3K spread.  I usually charge 9.9% for owner financing for under 100K houses but I don't think anyone would go for those terms at this price range.  I've heard gurus speak about structuring deals with a 1st and a 2nd loan instead of just 1 loan which would make it more favorable to potentially sell off the first at some point and keep the 2nd.  Anyone have any ideas on how to structure that to maximize my returns and make it favorable to sell off my 1st while keeping the total monthly P&I payment in the 5,000-5,500 range for my borrowers?