Advice on seller financing please

[Kory Musser]

Hello everyone,

I am new to BP and am excited to learn from all you. As a newer investor I need some help on what forms or advice on purchasing homes with seller financing. 

I am looking at purchasing four houses that are in needing of a little work to refresh and have the rents raised to market value. I am thinking the best way to do this is to get the seller to finance this for us for a year while we do the work and increase the rent rates. At that time I would look into getting conventional financing and should be able to get most, if not all, of the rehab costs back and pay off the seller. 

Questions: who should hold the deeds during this process? 

What forms or legal documents do I need? 

Any other ideas on how to get this done if the seller does not want to finance?

What are the downsides in seller finance?

If I obtain conventional financing from the start, what can I expect when going to refinance? All the standard loan origination fees and costs?

Thanks in advance