How to Structure Owner Financing?

[Tod R.]

I'm considering owner financing in order to sell a rehab. I've read some threads on here but I've never used OF. So I'm looking for some BP advice:

Sales Price-$67,000
Down Pmt-$15,000
OF Loan-$52,000
Interest Rate-10%
Amortization-7 yr
Monthly P&I-$1,105

Seller's Closing Costs-$3,630:
Title-$620
Sales Commiss(3%)-$2,010
Other Closing Costs-$500
Legal Fees-$500

I would net about $11,000.

A few questions:
1. Should I have them escrow taxes and insurance with me?

2. Am I missing anything in my assumptions?

3. I was leaning toward leasing. I should get close to $1,200 for rent so I was trying to keep monthly payment close to that.

Thanks!

[Loc R.]

Save yourself the headache.

Bring in a 3rd party servicing company, have your buyer pay for the monthly servicing fee and have them impound for taxes & insurance.