In terms of your question about owner disbursements, I believe all the Columbus ones I know of disburse at the end of the month. 

Whats your number/email I can send details and pics?

My one tip would be, its not about getting wealthy quickly, but more long term.

I think you're on the right track in terms of it's proximity to other MSA's.  

If I understand correctly; the seller would receive 80% ($40,000) directly from the mortgagee at closing and would enter into a personal agreement with me for the 20% down payment ($10,000) in which he would be reimbursed separately from my mortgage payments at a separately agreed upon rate and term?

I  have a detailed reply above that explains it and provides the code citation to read as well

David, this deal could work, but I’d want to dig into a few things first. 80% occupancy with long-term tenants is solid, but what happens if a major tenant leaves?

Thanks in advance Hi Andrew, You will generally have better terms going the conventional route.

Do you think you will be in TN long term?

A 1031 exchange will allow you to sell your building and use the proceeds to invest in a small multi family and/or medium term rentals.