Seller Financing to start rental?

[Sean Gallagher]

I'm still learning so please correct me and give input if you have time, this is just an idea i have thought of. Say I dont have 10% down but want to start a rental asap can't rely on a bank at the moment. So just thinking.. say a landlord has a property that he would usually rent but is looking sell and offers seller financing. We write a contract, of course running the numbers that it would work as a rental for me. Basically its like he is renting it to me correct? But has a gaurunteed contract for 30yr or less or if I was to sell it I could pay him off. Would this work? I have good credit so running that wouldnt be a problem. Maybe this is a rent with the option to buy? Im sure there has to be some type of clause to protect the seller who offers seller financing.

sean