First Potential Deal...

[Shamus Quirk]

A guy I work with today came up to me and told me he knows a lady in town that needs to move quick.  She is in a single family home and it's right down town.  He gave me a price that he thinks she needs to get (240ish) she still owes 230k, but I haven't seen the house yet to get a good idea of what I think its worth.  I thought this might be a good opportunity for me to try to get some owner financing and rent it out and then refinance in a year or two with a bank and then pay her off.  

I am hoping to see it this week but does she have to own the house outright in order to be able to work out some kind of owner finance situation?  How should I pitch this to her in a way that showcases how I bring value to the transaction?  How exactly would you structure some owner financing?  Would you hire an attorney to draft some contracts?  Does she keep her name on the mortgage or assign it to me?  I could just list it for her and try to find a buyer through conventional Realor methods but I think this might be a good way for me to get my feet wet with my first deal.  

Thoughts?  Advice?  Something I didn't think of?  I appreciate the feedback!