Seller financing how to
Hello all. I am attempting to put together my first deal. A family member owns 3 rental properties (6 units) free and clear and has always self-managed. He is retired now and is looking to retire from the landlord game as well. We have discussed my purchasing the properties from him while he holds financing so he can maintain a monthly income, defer capital gains, and stop fixing toilets and leaky faucets etc.. He has always maintained the properties immaculately. We are both on the same page that it has to be a win-win for both of us and we're in agreement that seller financing is the best way to make that happen.
Our mutual problem is this: neither of us is sure what step to take next. Do we make our own contract? How do we structure the deal (rate, terms, etc.)? What will be the best way to diminish the sting of taxes? What outside entities do we need to assist us in moving forward?
I am entirely new to this and so is the seller, but we both would like to move forward with the deal. Any advice and answers are very much appreciated!