Shall we pull the trigger? - Owner financed deal in middle GA

[Phillip Trujillo]

Good morning Bigger Pockets!

My family and I are moving to GA in January (I'm active duty USAF) and we are looking for a home. I stumbled across a property listed FSBO on a well-known military "yard sale" type site. I contacted the owner and he seems very interested in working with me on an owner financed deal. Here's the specs:

http://www.zillow.com/homedetails/101-Hickory-Bend-Dr-Warner-Robins-GA-31088/49861034_zpid/

1,840 sq ft., 3/2, New roof, new HVAC, It's appraised at $139k and he's wanting $136k. Property currently rents @ $1,200/mo. I'm currently waiting on him to reply with terms, but I've explained our situation a bit to him so he knows what I'm looking at. I believe he owns the property free & clear.

Our plan would be to owner occupy for approx. 12 months (he's agreed to owner finance up to 24 months) and then refinance him out and rent the property.

Note: This will be our first Real Estate purchase and although I feel pretty confident with the following steps if we come to terms we can both agree upon, I'd love to hear some thoughts on this deal! Thanks in advance BP.

Phil