New to idea of seller financing does this deal make sense?

[Mike Barry]

Hi All,

I'm new to the idea of seller financing and was hoping to pick the brains of some pros on here. I have 2 rental properties currently but obtained them with a traditional mortgage. From what I've read eventually I will be caped at 4 mortgages. To continue I've read seller financing might be the route to go.

I've found a motivated seller looking offering seller finance, however the HOA will not allow for rentals. The only way I can see this makes sense is if I was to move into the home and rent my current home out. My mortgage currently on primary is about $1700 and I can refinance to bring that even lower. If rented I feel I can cash flow a couple hundred dollars possibly rent for up to $1900.

The seller of the new home is looking to get 10% down and asking for $2200 a month which covers taxes. 

Does this make any sense to do as a deal?