Buying my first property - Seller-Financing

[Ben P.]

I stumbled across a vacant house in my own neighborhood that is FSBO. The owner doesn't owe anything on the home, so I'm thinking this could be an opportunity to buy the property seller-financed. The house needs work, but I think I could flip it or buy and hold. I have about $30,000 in cash to work with. Here are some rough numbers:

Retail Value: $330,000 (3 bed, 1.5 bath – based on move-in ready comps)

Potential offer: $285,000

Rehab Costs: $20,000

Rent comp: $1900/mo

I'm looking for advice from anyone who has structured this type of deal before. How would you go about putting this together?