how to structure my first owner finance

[David Lo]

Dear biggerpocket

I am excited to tell you after hustling very hard, an older couple is willing to owner finance their rental home.

House - selling for $60000

term - 24 month of $2500, 0% interest

money at closing - $1500

total money in 24 month - $61500

cost of repair - 3-6k

rental rate - 850-900

Does the note have to be collatorize against the property? 

the reason I asked, is that I am thinking to either re-finance or owner finance later, but want to keep this payment as long as possible.

what can I do?

thanks

Dlo