Set clear goals, save for a down payment, and practice analyzing deals to build your confidence.

My main question is whether it makes more sense to go the seller financing route and pay off the principal in 8–10 years or stick with a standard 30-year loan.My thinking is that the tax deductions from a mortgage wouldn’t outweigh the potential equity I could gain over those 8–10 years.

And oh I have heard that about the majority of people not actually practicing. 

The seller said this is in a gentrified area so there's potential to rehab this effectively and get a high payout as shown in the last comp.

He wrote a great & practical book – with Parkinson’s, dammit.

Hey, congrats on finding a potential flip—it sounds like you’re on the right track!

Would the 9-year balloon concern you, knowing you'd need to refinance or pay off the balance at potentially higher market rates in the future?

That alone was the biggest improvement for my business practices and allowed me to take all of my bookkeeping in-house and eliminate the expense I was shelling out for a bookkeeper.

@Brooke Carlton I found a potential solution to this problem!

Keep track of 3 buckets.1) Owner occupied portion - potential deductions for schedule A2) Tenant occupied portion - potential deductions for schedule E3) Jointly occupied portion - likely prorated for both schedules.There are nuances to this, so I recommend looking for a tax pro who can coach you on this.