The “hot tub show” models will work, but you will do more work on them in the end.  

in what I just laid out, you'd make monthly payments to the seller just like you would to a bank for 5 years, and then the remaining principal balance of the loan would be due, at which time presumably you would refinance the house into a commercial mortgage and use the proceeds to pay off the seller. 

They said they'd accept a 6 month term instead, but they're not being very forthcoming about what their sales record has been (I asked for the last 12 months just to get an idea, but they ignored the question :( ) and I'm getting a not-so-great feeling about working with them....The home is 2-stories, attached garage, 4bd 3ba, 2269 sqft and sits on a corner lot with a huge backyard (lot is approx .13 acres or 5662.8 sqft).

If you are determined to pay one off, then pay off the lowest balance first. 

A lot of hosts I know use pool fences, safety signs, and provide life jackets to help reduce risk.

Most folks start as leasing agents and work their way up from there. 

I've learned that it's extremely important to find balance in this industry as your passion for your business can impact your personal life greatly!

I am also willing to work for a more experienced investor or property management company in any capacity, be that market research, deal sourcing, property management assistance, rental optimization, or anything else needed.

Owner only gave us $2k to work with, so we took care of Health & Safety issues (to avoid lawsuits) and did our best to spread out the rest to make the property look "decent".

The “winning” bid will almost always start at the mortgage balance.