Per our notes we reached back out to him 3 times to see what he was selling, he ghosted us each time. 

We have the promissory note, personal guaranty, and deed of trust(title/escrow to handle) ready to go.

As an additional note all properties are vacant or significantly vacant.

So, then you get into brand building like Jonathan noted.  

If you are brand new, drive around and make notes of just a few properties that might be looking to sell based on their upkeep.

(Note: you said "single" which you are not.

While the IRS does not mandate a physical site visit, the IRS cost segregation audit technique guide (ATG) does suggest conducting “field inspections.”It’s important to note that the ATG is not an official IRS document.It serves as a guide and cannot be used, cited, or relied upon as an authoritative source.However, the recommendations in the ATG are worth considering.According to the guide: “A field inspection is recommended to document the physical details of the building, type of construction, materials used for construction, the assets contained in the building, the size and types of building systems, and any land improvements that were included in the purchase of the property and the condition of that property at the time of purchase.”So while the IRS does not require a site visit for cost segregation studies, following the guidance from the cost segregation audit technique guide can be beneficial.

Negotiated $198,000 in seller financing through a Promissory Note, pulled a $99,000 commercial loan with a 5 year balloon, and contributed $33,000 as a down payment.

Note: I did not include appreciation in the calculation. 

Note, there's typically email reminders sent to the tenants as well.-  Con's:  Fees.