I am curious what typical seller financing terms/structure might look like. 

John--highly recommend you do the following to protect your interests and your property:1.

How did you finance this deal?

If you can find those two with a desirable property and location you should be ok.

You can occupy 1 room and rent out the rest for maximum cash flow but this comes with some inconvenience as you will have to deal with roommates and you don't have 100% privacy in your property.2.

Looking forward to your advice and help.So far, I have been buying properties either from the MLS or as suggested by realtors. 

This is particularly true in markets like ours in Pasco, Pinellas, and Hillsborough counties, where we manage a variety of properties ranging from Class D neighborhoods to more upscale Class A properties.

We have a telephone number for our property management business.

If you end up taking a cash offer, you can always pin the cash offer up against the highest financed offer that you have.

As my first project I would like to purchase the property out of the trust, maybe move into my newly formed LLC, and convert to a 2 family.