Most Attractive Owner Financing Terms

[Julie Marquez]

I am looking at a home for sale for $196k. He said he was okay with owner financing, and already has an owner financing deal, but would rather get cashed out. 

The homes needs about $3-4k in work to get it up to rental status, new flooring, paint and some minor stuff that I can do. Rents for $1450ish. I'd like to keep the place for 3-5 years, live in it while my job takes me to that area for a year or so, and rent it out the rest of the time. I already have rentals in the area. In 3-5 years, I'd like to have it fixed up for resale, about $25-$30k of flip work and could sell for $285k.

What can make my owner financed offer more attractive? I don't know what the other deal is, and I don't know what the owner is ultimately looking for, I am just looking for other people's experience or advice on this subject. Of course I'd like to offer less and negotiate a lower selling price, but maybe should avoid that. I could offer $30k down with 5% interest, and then pay it off completely in 5-6 years. Is this a nice offer?

Again, I need to talk to the seller more. What are the good questions to ask in this situation? Thanks BP!