I really appreciate the descriptive reply Clayton.

That said, there isn't a TON of inventory and most of what is available is typically in the 8-12 unit range in a higher risk area.As for neighborhoods, I'd prefer not to post too much publicly as the area is rather geographically large and it's hard to get to specific.

I'm hardly an expert, but your description of how to proceed sounds like what I'd typically expect from a seller finance situation.

I'm guessing his description of "clean, not luxurious" means there will be some deferred maintenance and updating needed.What do you look for per door for net income?

From your description, you have 134k in equity controlling 330k of home value and producing $1,300/month in rent.

Comps are on the high end of $260k, I 've also found a home for $180k in the area with the same description.

you answered your own question.. see number 2 in your description..

Hi Everyone, my partner and I are expanding our geographic locations and starting to search for properties in the Phoenix Arizona area. 

Hi Everyone, my partner and I are expanding our geographic locations and starting to search for properties in the Las Vegas Nevada area.

Also if you depreciated the property you sold there will be taxes on the amount you depreciated.That being said I am a huge fan of paying for homes in cash and having a positive cash flow right away, but not if you give away decades of profit in taxes.If it were me, I would look for a multifamily home/apartment for the amount of your last loan + profit that gives you a good cash flow in a broad geographical location.