What is a First Note and Deed of Trust

[Michael Montella]

I've been analyzing a bunch of properties in my area hoping to house hack or purchase as purely a rental property. I found one today that would cash flow positively if I used an FHA loan and lived in one of the units, renting out the other three. In the MLS description, it says "Owner will look at carrying a first note and deed of trust with a large down payment."

Can somebody explain exactly what this means and how it would benefit or hinder my ability to invest in this property?

Thank you!!