We bought a property that we feel is assessed by the our local government too high.

@David LewisRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

In short, I’m trying to figure out if it’s worth pursuing an off-market seller financing deal versus getting a traditional loan and competing for the property on the open market.

However, there isn't a standard form like a NAR lease agreement; it just needs to provide some general information.

CoghillWe’ve used AppFolio for many years to manage a large portfolio, and while onboarding can be thorough, it’s primarily to ensure compliance with financial and legal standards.

I am not sure where exactly this property is, but this is an example of why I prefer B class neighborhoods or better when looking for rental properties. 

Your investment property - This you could do a 1031 exchange on and buy another property you intend to use for investment. 

I bought some commercial properties (5, 6, and 11 units) and they were all off-market and seller-financed.Learn how to make the numbers work for you and the seller.

I took out a mortgage on the property in November to help make repairs and rent it out.

That is very standard.