Seller Financing Question

[Tyler Smith]

Hello All,

I currently have 8 doors but am looking to expand.  Before going down the road of raising money, I would like to pursue deals where the seller would entertain seller financing.  I currently am interested in a 6-unit that I walked on Friday.  The place only has one the units rented out currently and the others are in the process of some upgrades.  

In your experience, what are some of the different types of seller finance have you had success with?  My initial thought is I would like the current owner to keep the mortgage and I would pay him a monthly amount with a commitment to buy it from him within 5 years.  I would put something in there that would benefit him if I am not able to buy within 5 years such as an interest payment per month.  

I look forward to your ideas.

Tyler Smith