Could anyone please help out on this one--seller finance?

[Mike O.]

I was hoping someone with experience in seller financing could suggest structure, I am currently working through numbers and financing, but hoping someone might see some part of this deal I am over-looking or a potential pitfall? The owner is hoping for $3,500 a month in monthly payments in year 1, all payments would amortize against agreed upon sale price. I have $15,000 set aside for maintenance and capex from a previous whole sale deal earlier this month. One property is a complete rehab and the other 4 all have recent upgrades with HVAC, roof, windows. All 5 have tenants and leases in place. 

Portfolio I was offered tonight on CFD is no money down over 10 years @ 6% with annual payments beginning in year 2 and balloon in year 10 amortized over 20 years...Other than that the owner said they understand I need the weekend to sort out numbers, but that they are willing to negotiate. All the properties are free and clear without mortgage except the property that is complete rehab; that is $81,000.

       1                    2                3                    4               5              Monthly        Annual

$1,550.00	$1,000.00	$1,000.00	$900.00	$1,550.00	$6,000.00	$72,000.00
($155.08)	($151.92)	($160.42)	($138.33)	($97.08)	($702.83)	($8,433.96)
($150.00)	($150.00)	($150.00)	($150.00)	($150.00)	($750.00)	($9,000.00)
$1,244.92	$698.08	$689.58	$611.67	$1,302.92	$4,547.17	$54,566.04

Any strategy or structure this deal might be best for?

Is this a deal to be had?

Refinance options?

Price on table is $530,000