17 unit deal: Seller wants to carry the note

[Ben Garrison]

Hi all, Big Ben here in Chattanooga. I'm in talks with the long time owner of a 17 unit apartment building, 1bdrms and studios. He owns it outright and has taken all of his depreciation. Grossing around $7k a month, 2 vacancies. I like the area it's in. Seller is really pushing to carry the note, for various reasons including avoiding the big cap gains tax hit from a sale. I've never done a Seller Financed deal and wanted to ask for your advice. Do you have an example of how you structured terms when buying in a situation like this? Let me know if I left out anything you'd like to know.