Seller Financing - I'm the seller

[Ginny Watson]

My family has a house that was left to us by our sister who passed away last year. We have been approached by a potential renter who would like to set up a rent to own situation. We've had a market analysis done on the property and been told it is worth $75-$80K. The house is in a rural market that is far from hot and is located in a seasonal summer cottage type of town...not in the same state as me or my other family members. The house is in great shape with a new roof, new garage, hot water heater, furnace and nice sized yard on a good street. The prospective buyer/renter has offer $8500 down and a monthly payment of $725-$850 and used the term "land contract" when we spoke. The house is in Michigan. They want to rent for 2 years and then refinance and pay us off. How do I structure the rest of the deal?