Seller finance v. Wholesale? Can't decide what to do.

[Matt McConkey]

Good Evening BP members! 

I've got a quandary and I'm hoping to get some clarity. We've got an opportunity that sits as following: 

Seller wants to unload his four properties. He's getting older and no longer wants to be a landlord. 

Two duplexes, two houses. They are all on the same street. Gross rent a month is $4,150 

All tenants are fresh on new leases, no repairs needed, they pay on time, they're happy, all is good there. 

The property/homes are worth $380k, according to the tax assessor. How accurate is that? Not sure yet. 

He's willing to seller finance 10% down on 285k, 6% interest only payment, with a balloon payment in five years. I see the numbers work out to be $9,510 yearly NOI. (Gross Rent of $49,800 - 50% net rent for expenses/taxes, etc. + debt service to him = above NOI).

If all the numbers are correct/everything is correct and accurate, the quandary is that I live 1,600 miles from the properties and have never owned properties before. 

I have a goal to start owning rentals in 2016, but would you keep/jump in head first or attempt to just sell the contract and walk?