What are the tax implications of owner financing from the sellers perspective?

Going to fall under installment sale and taxed as your normal income 

@Michael Spindler

Tax as a result of depreciation recapture is taxed immediately in the year of sale.

Payments made after the year of sale are considered gain on sale / return of capital.
Payments made after year of sale can also contain an interest income portion.

@Basit Siddiqi in the case of one or more non-investors inheriting the home from a relative, do they have some tax benefits to taking mortgage installments rather than just selling it for cash? Specifically 3 siblings at or around retirement age inheriting a single family home in CT that will sell for 180-200K.