Seller Financing w/ Landlord Question

[Thomas Pellegrino]

Hello Everyone, 
I believe I have a very easy question, but looking on advice. I currently live in a duplex and my landlord lives in the other side, he's an older gentleman who just retired and I've known him since I was a kid. With the absurd real estate market today in NY and NJ especially, I've been trying to get him to sell me the house for over a year. I'd like to pitch an owner financing deal with him and allow him to stay on his side of the house. Say for instance the house is worth 495k, how could I structure a deal to present to him that is logical and in both our favors. Thank you :)