Looking to take over an Owner/Operator's business.

The only way this works is if both parties have skin in the game, looks like your wanting in without having skin in the game.
A contract is not worth the paper it's written on if you fail, and I don't care how many lawyers you have sign it. But I have a feeling you already know this.
like stated earlier if you had the funds or the credit you wouldn't be looking for owner financing.
You stated earlier that it was a risk for both parties, what exactly would you be risking?

 

The man didn't even bother to keep his good name and wants to sell it again on the internet lol. People with bad credit must bring cash or doing business with them is impossible. If you can't be bothered to pay for your other debts why would I be different?

 

He risks nothing.