You are getting solid advice here from Edward, Doug and Joe.An additional way to how Joe suggested to receive 'rent credits' , I also like closing costs. 

Or do i have the concept of owner financing all wrong??

@David Edwards, You already have a mortgage and insurance I assume.Those give you 2 layers of protection already.

This concept is new to me.

@Edward B.

Generational shift; younger generation likes to not work for the sake of working and have a different concept of what quality of life means. 

Understand and brace the concept of "OPM", OTHER PEOPLE'S MONEY.

I have explored the concept with my lender of the $10,000 being disbursed to an escrow account at closing for post-closing repairs but they have indicated that this will lead to the Lender needing to do further diligence on the repairs, perform inspections, etc. all of which will kill the deal for me, because I need to close in the next week.

I have a good basic understanding of overall concept.  Ive

On sale for $1.99 by the way (I still use a lot of the same concepts today)I also bought - Excellent Material - Still use these concepts as well Carlton H Sheets..