As a background, I have a well-paying job and am not in immediate need of cash.

Doing well Tyree, hope the same to you and again, good luck!

She is open to seller financing the house and we would like to make sure that I covered all the necessary requirements for this type of transaction and to minimize any tax implications on her end as well.

Forgive me if I'm mistaken, but it sounded quite guruish as well.

This is my limited experience, and it's worked out well so far.

Is there private water or do you have to dig a well?  

So far been working well for me.

I was told one of my properties had been redeemed, when I knew good and well it had not.  

Make sure they understand the investing side of the business and communicate well - communication and competence can make or break a loan.

This property is intended for long- term hold, providing stability and growth potential.