What are some tips on buying houses through seller finance appose to getting a loan through the bank?
Seller financing can obviously have some perks as it offers an alternative to those that may possibly not be able to obtain a loan for credit reasons or due to the size of the loan being too small that no bank with provide a mortgage.
Though it's not always the case, expect for the term of your agreement to be much shorter than a conventional loan. You are unlikely to get a seller to agree to 30 year terms with a reasonable interest rate. Expect something significantly more accelerated over the course of a few years. If near term cash flow is the goal, it won't be met in this scenario.
You might occasionally be able to structure something more favorable than a mortgage as far as interest rate or repayment schedule, but I believe that will rarely be the case. Large down payments and balloon payments are relatively common in seller financing as well.