How to "Sell" the Idea of Owner Financing to a Seller?

[James Papiano]

Hi everyone, I just found out about a potential deal that is off the market. I was approached by our local realtor that a family is selling a house that has been in the family for many years. I thought this would be a great opportunity to discuss owner financing with the family. This would be my first attempt to ask this of a seller. 

My question is how and what terms that are reasonable do you typically use? 15, 20, 30 year note? What is a competitive interest rate for a SFH? What are some of the ways you have negotiated these types of deals? Any insight is appreciated!

James