How do you structure seller carry financing for a BRRRR?

[Ryan Monty]

I'm about to begin negotiations with an off-market seller of a property I would like to BRRRR. Because there is a good tenant in place, the current owner stated they would like to keep them around, plus I believe this would likely save me a lot of money vs. using hard money for my "bridge" financing, I would like to have a seller carry option to offer in negotiations ready to go.

As an investor, how do you structure seller financing?  What's best case scenario for the investor?  Where do you start negotiations and how do you step things closer gradually to an acceptance on their end?  How do you sell it to the seller as a good option they should go with ?

I am confused on if this financing is amortized like a conventional loan, or do you make it interest-only with a balloon?  What's a common term and rate in today's market?

[Josh Caldwell]

The amortization is WHATEVER you and the seller agree to. Stop thinking in conventional banking terms, it does not apply. My favorite offer to a seller is that I will pay them X per month over Y month at zero interest.  You will be amazed how often sellers dont ask for interest. Dont you dare offer it up front. The key to any creative finance deal is that you ask the seller what they want, ask them what they plan to do with the money, and then customize your offer to fit their wants and needs. Talking to a seller is an interview, you NEED to understand what they want, and why they want it. I have bought houses with no money down and the first payment due in 8 months, because my seller wanted to take a summer vacation with the money. I pay them once a year, every summer.