Seller Financing that Benefits Me? PG County Maryland

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Hi everyone!

Background: I am new to REI and have been reading the seemingly endless available blog posts and forum threads here on BiggerPockets. I decided to start to look for some leads in my area in Prince George's County, Maryland. My wife and I would like to move into another home in our area using an FHA loan and rent out our current home, selling the current home in about two years or doing a cash out refinance.

Situation: There is a house in my neighborhood that has been renovated at a snail's pace for the past 12 months. I got in touch with the owner to see if they were interested in selling. The seller indicated that they recently found out about some personal health issues and were indeed interested in selling. They want to get $300k for the home (relatively appropriate for the area) and it still needs $50-75k in updates to finish it. In most ways, this house is not a deal for a flip etc. as the numbers currently stand. However, the seller offered seller financing that is clearly beneficial to me (without the stereotypical benefits of owner financing to the seller). This includes: as much as 50 year amortization if I want, a low down payment, and a low interest rate of as much as 2-4%. 

Without relying too much on speculation, with updates etc. and the development in the area, the home could likely sell between $400-475k in the next 2-3 years.

What are everyone's thoughts on this deal? Is it too complex and strange to be a first entry into REI? I have primarily been looking at multis in the area, but have come to realize that there are very few multis in this area, relative to the population size and housing market. Thanks in advance for any thoughts and for being such a great community.