How to structure an owner financed deal with details

[Rob Grove]

First I want to state I'm completely new to this and my first mailing is tossing me Alot of learning curves so bare with me and if there is any other alternatives to what I am asking, thanks for sharing. I have a out of state seller who is tired of renting. He owns the property outright. It rents for 1600, he has a management company who manages it. It's near a college. He listed it for 225 a few years ago and it didn't sell(he admitted he tried to recoup some costs from remodeling). I am to prepared to offer him 170, making 180 the most. I told him I would basically pay him a monthly payment and take over the responsibilities and refinance in a few years. My situation, I don't know the best way to structure this, I don't want to pay any money out of pocket, I'd like to make $200 a month maybe $150, it's has a management company there now, I forgot to ask how much he pays but he website suggests it's about 90-100 a month. I live 2-1/2 hours away so I'd probably keep them in place since it'll be my first rental. It's near a college and will be vacant soon but it's listed already, but I'm under the impression it has a month or two vacancy rate due to the school schedule. I'm looking for all the guidance you can provide on how you would structure it as far as payments, interests, closing or title transfer or I think there are ways where I just have an equitable interest. The biggest thing for me is not paying any money since I have allocated my money to marketing and am not in a position to utilize any of that. I probably could come up with some closing costs if I had too but it's not preferred right now. Who would have thought my first set of responses are all people trying to not lose a bunch of money. I may just keep owner financing if I can figure it out... Thank you!!!!!!!