Beginner Hard Money deal evaluation

[Taurance Hall]

I speaking to my neighbor whose house that was for sale.  He owns the home free and clear and said he would entertain seller financing. 

The deal: 

Value: $375,000

Amount: $350,000 

Down Payment: $35,000 (10% down)

Interest:  6% 

Term: 30/10 Balloon

 The home is worth more than the price.  I am looking to rent out this house.  Rent will cover the mortgage but I will come out of pocket for the Taxes (6k) and insurance (1.2k).  I have cash reserves for 6 months and an exit strategy.  The question I am looking to get answered, is this a standard hard money deal structure? He seems pretty firm on the interest rate.  I am looking at ways to make this a little more attractive and to work in our favor without completely turning off my neighbor for this opportunity.  Any help would be appreciated.   Thanks.