Landlording vs. Seller Financing

[Mark Allen]

I'm currently in the Dallas - Ft. Worth market - I haven't been investing long (since 2009), but recently I've been turning my rentals into paper via seller financing. Many of these properties have mortgages with less than 20% of equity, and one is paid off. I can make $200-$500/month in cash flow by converting (or wrapping) these properties, put a 3rd party loan servicing company in place, and NEVER have to deal with tenants again. 

Example - I had one property left in Austin. $150k principal balance, 3.5% fixed interest, $1050 PITI, $1350 rent. Property taxes were on the rise and eating my cash flow. I decided to wrap this mortgage as to not have to deal with tenants or the increase in property taxes. I sold the home for $205k (market value was $195k), $15k down, 6% fixed, 30-years... I now am cash flow positive $450+.

I'd like to hear why others (not just DFW market, but Atlanta, Phoenix, Nashville, Memphis, etc.) choose to be long-term landlords and deal with tenant screening, repairs, vacancies, etc. (with or without a property manager). What are the positives and why do you choose to be a landlord? What are your concerns about seller financing and turning into the bank?