Need Review on Property (Nampa, ID), Owner Carry & General Advice

[Jared Moote]

I have a property I am looking at. Side lot available for a lot split to put a second house with basement for a double rental lot to total 4 possible locations for rent. 

Would love: opinions main floor with Basement buildings that might fit well. If I should expand existing shed into main floor of home and just add basement underneath Shed, also advice on negotiations on price and so forth. Any advice on the loan and what to possibly watch out for or to work into the agreement if possible through a negotiation.

Have listened to quite a few podcasts, read many Robert Kyosaki books and others, don't have a lot of capital but would love to get an investor for project possibly through here, a friend, or family.  

Owner requires a Owner Carry of 5.5% on Loan with 25% down. 30yr amortized, and 10 yr balloon.  

Current Price: $199,900 - Current Rent: $1325 (1651)

Month- to- Month (current tenant has been there a while)  

Is not 2% or even 1% but is next to a College and was thinking of renting by room for second property once built. Would want to add a 3 or 4 bed, 2 bath, 1 Kitchen Property on other side of property and rent out by the room. IF I can get that done, it would be a rental which I believe I could rent out each room for $450 each for back property. This would turn both property's into a 2650- 3100/mo location.

STORY TOLD ME: real estate agent said OWNER might be willing to negotiate on price or Interest on the Loan with a close to 25% down payment. Supposedly, Landlord's wife wants to sell property but he doesn't as currently he is making a consistent cash flow from the property. 

Upon request can send my contact info as well as a link to the property.