Seller financing deals can be structured in all kinds of ways - it just depends on what you and your seller agree to.

Depending on the amount of time you have to spend on managing the tenants and dealing with finding new qualified tenants you may want to at least compare the costs of hiring a Property Manager.

I know the details will depend on the specifics of the deal, but I could use some advice on some options for how a deal like this might be structured. 

Your road map really depends on you (and your wife).

@Julie Hill What option(s) you decide to take will be dependent on: Balance sheet  - how many $ are you willing to invest, how quickly and for how long;Time commitment;Risk/return expectations - newbie investor only look @ returns, whereas they should be focusing on understanding riskLiquidity and risk tolerance - closely linked with the earlier point on risk/return expectations.I would focus on picking a niche and taking a deep-dive.

I know a few builders and depending on what you’ve got in mind, I’d be glad to refer a few.

Your COC return depends on how much of that money your borrow.

It also depends on your goals.

Depending on the land and your game plan, you may or may not be able to make money at a 'flip'.

It is called due diligence and if they do not provide you/your lender with the information needed during the due diligence period, you should be able to walk away depending on how your contract is written.