Seller financing questions.

[Megan Hannah]

Hi everyone, 

I am looking into my first deal in Portland OR, and have found some potential seller financed deals. This is all pretty new to me so I have some questions. The deal I'm looking at is and below are some of my questions. Any help would be greatly appreciated. 

Purchase Price: $425,000
5 bed, 2 bath
4% interest only payments amortized over 30 years.
Balloon payment in 10 years.

- Are inspections recommended?
- How many days is a typical seller financed close?
- How do commission splits work if I am an agent and the home is under contract with another agent?
- Do I pay taxes to the seller or do I pay those on my own?
- Are the taxes separate from the monthly 4% payment?
- What tax breaks are available to me?