I was very upset and contemplated backing out of the deal, but the owner (who is a private lender) was willing to do an owner finance deal with me.

In your case, assuming this is a commercial sale and note, there are fewer restrictions on the lender and, to my knowledge, anyone who can demonstrate professional competence may advise a commercial lender........such as; an attorney, CPA or accountant, an investor contemplating the purchase of the note, or anyone with professional experience.

I have two rental properties and I'm contemplating on whether to pay them off or save to buy more.

Whenever you are contemplating purchasing real property the first thing you should do is determine market value. 

I have been contemplating the idea of holding an auction.  

Being "in the market" to transact business includes those with an intent to buy or sell, contemplation to act.

Hi,I was contemplating this same issue...We just purchased our third rental property (all are multi units) and here is what I have done so far:  Savings account for security deposits, checking account that rent gets paid into.  

@Rob BelandGreat post with lots of meat on the bone to chew on, while contemplating which side of the fence fits the reader.In your case, clearly you are a landlord 1st and investor second and that is solidified by your occupation announcement on BP as well.Yes, the fact of the matter is that there are individuals who are really REI focused and are hiding behind the cloak of a landlord to sustain their income stream, while not servicing the tenants who are the lifeline of their business.Some are called slumlords and rightly so.My take is that you can wear both hats equally as a REI and landlord, but, landlording is more labor intensive as you know, than being a pseudo REI centric person or to put it another way, a money grabber who has no empathy for the source of funds generator......the tenant!

Here is a thread on a really bad house that'll probably make the one you are looking at seem like a simple project. http://www.biggerpockets.com/forums/223/topics/133...Nevertheless, the complexity of any project you are contemplating should be commensurate with your experience.  

I'm asking because I've been contemplating offering this service to listing agents.