I am seeking advice on what to do with my current residence.I am 60 years old and looking to downsize.

We are really moving and shaking these days. 

Make sure you are on Vrbo and Airbnb. 

I grew up with a realtor for a mother, but she’s not too well informed on new construction.

He was overwhelmed at first with all the "insider" stuff: the 1031 exchanges, cash-on-cash returns, and figuring out what an ideal cap rate is, especially in a hot market like Dallas.

I purchased it two years ago for $700k and have about $600k left on the loan. 

Can someone please let me know the mechanics of the recording process on an owner-financed deal?

If you aren't sure who to choose from, ask each of them for a meeting/consultation to break down your goals, the market, and the acquisition process.Once you've selected one, have them draft the offer for you and take it from there.The best agents are responsive, knowledgeable on the local market, have a strong supporting team (i.e. lenders, title, inspectors, title, etc.), and know how to put together a deal.As @Michael K Gallagher mentioned, you'd want to clarify whether or not your agent is also representing the seller.

Expensive markets can be a challenge, but here are deals to be had, depending on the amount of work you are willing to do.

Acting quickly on unique opportunities, such as stepping into a deal that falls through, can lead to valuable investments.