Basically, whether you finance your home purchase with a lender or the seller (hence the source of financing to which Bill alluded), the closing process should be similar, and it will be similar if you close this sale via a title company (which I'd strongly recommend) that's experienced with closing these kinds of transactions.
Before entering into such an agreement, you need to understand what you're doing. You might want to consult with an experienced real-estate attorney, investor, or agent. You also might want to discuss this further with your title company and/or a title attorney.
I specialize in doing deals with creative financing (ie lease-options, seller financing, etc), and I prefer to buy/sell with creative financing whenever possible. Although I don't invest in your area of TX, I do invest in other parts of TX. Please feel free to contact me if you'd like to bounce a few ideas, or if you'd like me to refer an attorney (I know at least 2 in DFW who are great resources and who also invest.)