Q. owner financing strategy

[Gary M.]

I just came back from the mortgage brokers and found out that without 10% + closing costs I'm out of luck for the time being. As I see it now I need to find a private lender.

That said I have 2 questions about a potential deal that I can do that would involve owner financing.

1. I have a neighbor who is moving next year and she mentioned that she would consider financing the sale. I've never done this type of deal. How would I present it to her and what terms would be typical/fair. The house is 3 br 1 ba in great shape. My house is 3 br 2 ba about the same sq ft and it appraised for $94,000 2 mo ago.

2. If I can do the deal what would be the best thing for me to do with the house. Lease to own or sell?

Thanks,
Gary