Quick Sale Less Profit OR Owner Finance More Upside Long Term?

[Aaron Vergason]

I rarely open the auto forward emails I get from MLS criteria I setup with RE brokers. Opened this one on Tuesday and saw a house for sale, built in 1997, 5 Acres partially zoned agricultural, 3 bed, 2 Bath, New Pool, two nice decks, beautiful view of the hills, $50,000

I jumped on it and made a cash offer of $51,000.  Had to be cash because seller would otherwise lose the house to foreclosure.  Offer is accepted.  The RE broker has a conventional  buyer at $70,000.  Should I just take that and walk away with $8,000 to $9,000 profit after closing costs, broker fee, income taxes, etc. or should I try to owner finance at an $80,000 sale price which would net me about $5,000 a year plus their down payment?  The Fair market value of the house is $85,000.

I know owner finance may be more work, but I would probably make 3 or 4 times what I would if I just sell it right now.  I have never owner financed something to someone before.

What would you do and why?