Selling home w/ land installment contract & existing loan

[Jared Standiford]

Hello, I recently acquired a property subject to the existing financing on the home in California. There is $60000 left on the mortgage, with 17 years left, payments of $598 + ins & taxes. I have rehabbed the property (have about 17k into it) and want to sell the property with owner financing. I want to sell the home for $94,900, 15 year term at 8% with the loan due in 5 years. Would like above $15k down. Would I be able to use a land installment contract in this scenario? Or would a contract for deed be more applicable with a promissory note? Also, what would be the best path so the buyer could refinance the loan if need be? Thank you