Owner Financing Deal

[Beau Griggs]

I have a deal going for two rental properties with owner financing. The terms are that he'll carry the note for five years with 6.25 ballon 15 years amoratized and no repayment penalty. I think I understand the terms but am hoping that someone might be able to explain it a littl better and also some advice as to any gotchas or anything that I should be aware of.

This is my first rental property deal and first deal in my new area so I want to get this one right. 

Thanks

Beau