Being The Bank

Hello, can someone with some experience please advise me on the proper way to sell a Single Family house by owner financing and being the bank. I have a mortgage loan for $700 a month. I'm putting about 10k into it and then will be structuring a deal where i get $1100 a month for this. With a cashflow and no maintenance headach's with $400 a month. I don't know the right procedure on how to do this. Is it legal and can it work ?