How to structure a seller financed deal?

[Sam Faas]

I recently saw a property that is available to buy as a seller financed opportunity.  I would love to hear from you folks here as to what I should look out for and any gotchas or any other resources you could point towards me.

Thanks.

[Eliott Elias]

This is what i am shooting for 

6% down 

6% interest 

5 Year balloon 

Monthly payments: $500 less than rents coming in