Owner Financing Note investing

[Matt McCurry]

Let's say I get a property at a discount for $35,000 owner financed. The owner is free and clear owner. structured as so:

Payment = 416.67/mon

$5000/year for 7 years

This goes through escrow and he holds the note. 

I want to seller finance this to another tenant buyer. I get the buyer to agree on terms such as $65,000 with a $10,000 down payment, 8% interest for 15 years. 

how is this ultimately structured? What is this note called that I own with my new buyer? A land contract? a note? do I still pay taxes and insurance? 

Thank you.