Educate me on Seller Finance

[W. Alex Benitez]

I have an opportunity to purchase a free and clear multi-family property.  The current owner is an elderly woman that no longer wants to maintain the property after her husband passed away 3 years ago.  

I won a multi-family property next to her and in speaking mentioned the opportunity to seller finance.  She was interested in the brief explanation I provided but wants details.

Hence my question, on the logistics and mechanics of this strategy and how would it benefit her/me?

Thank you in advance