Help when you find a deal, but have never done seller financing

[Matthew White]

Hello all! My partner and I are relatively new to the BiggerPockets community into real estate investing as a whole. We started out by investing out of state and have two long-term rentals currently. We took the next step by buying a primary residence with 5% down in a high appreciating market of the San Francisco Bay area, where it is very expensive and not easy to put 20 to 25% down on investment properties that cost north of $500,000. Our plan was to keep investing out of state where we can easily afford required down payments while purchasing a primary residence with 5% after living in each home at least one year. Well, as you know, life sometimes throws you curveballs. Another unit in the same building we purchased our primary residence has been sitting on the market for 90 days. We really believe in the area and especially believe in the potential for using as medium term rental because of its location. We want to approach the sellers about seller financing but we aren’t sure how to do this. We have never done a deal like that in the past and did not think something great would pop up on the market again. We know there’s a way to do this but we need direction! Thank you!