Seller Financed Rental Property Deal

[Rusty Scott]

Hi everyone, just found this site recently and have been very impressed with the content and the valuable community of fellow investors.

I have been a part-time investor for about 6 years now...currently own 2 SFH rental properties. I've done minor rehab on one and a bit more extensive on the other one. I've had solid renters in both throughout. I haven't put much time or effort in the business for a while, but want to get back into it starting this year, and increase my rental portfolio.

Came across this deal in the MLS.

3/1 1200SF + 1200SF unfinished basement.
ARV = $70k
Asking price $45k
Seller is willing to finance (though not sure yet on what terms)
Property needs some minor rehabbing and cleaning. ~$5k.
Rent ~$750/mo

I have read a ton over the years about buying using seller financing, but have never done a transaction myself. How should I look to structure it? What kind of offer would you make on this property?

I'm most concerned with making sure I protect myself in regards to title, etc....

Thanks!