As an addendum to Bill's answer, *K*E*E*P* *D*E*T*A*I*L*E*D* *R*E*C*O*R*D*S* of *everything*. Chances are 99.99999999% that the buyer will default and you will need to foreclose on the property. The legal foreclosure process is extensive and costly. Without good records, those costs increase significantly, and it will take you much longer.
You should also have a LICENCED Real Estate attorney involved too, so as to ensure you are doing everything as legally required. Otherwise, you could potentially lose your rights to repossess the property if you haven't filed the required paperwork in your local jurisdiction to make this sale legally recognized by the courts.
As an example, the buyer's name should be on the deed with you listed is a lienholder. If it's not, then you sale may not tbe considered legal which makes every single penny of income received from the buyer, rental income, and not principle and interest. (Both can be taxed differently, especially if your state taxes your income.)
If you are not including in the payment, monies in escrow so you can ensure property taxes are paid, then if the buyer doesn't pay the property taxes and the taxing authority takes possession of the property, that leaves you "out there" and you are the one that gets the shaft.
If you require the property be insured by the buyer, then you should be the one including the insurance costs in escrow as part of the payment. If you're not, and say the house burns down, then once again, you're just "out there" with no claim to any monetary payment from anyone.
So if you haven't done so already, you should have your agreement reviewed by a real estate professional, as well as a tax professional.
