If you are able to do this at the municipal level and your numbers are correct, this would be a good investment, but there are a bunch of assumptions here.

I have worked in real estate debt since graduating in 2021, so I have solid (but not expert level by any means) experience with underwriting multifamily properties. 

The basics of a seller financed deal are that the title co or closing attorney (if there is one) or seller’s attorney draws up the warranty deed transfers title, the promissory note evidencing the debt related to the transaction, and either the deed of trust or mortgage (whichever is being used) perfecting the lien against the subject property.  

I hate to be the bearer of bad news, but such P/E levels are not sustainable and be considered an expansionary or growth cycle.This does not mean a hard crash is imminent, but it does mean the dollar will be significantly weaker for certain just how it gets there is anyone's guess. 

An annuity is definitely a different level of risk exposure than this type of an alternative investment. 

But that depends on the level of rehab, price point and so on. 

I also have learned Memphis can be quite spotty (a dangerous block can be just a couple blocks from a good renting location so you really need a boots on the ground agent/team that you can trust). 

If they improve to the level of the others, I may try them.

Thanks so much.my plan is absolutely to start smaller using the tips others have told me about —and to leverage my personal relationships in those companies to build trust over time (to be ready!).

I'd ask around some GC's that are higher level they may have some decent project management/financial tools if they're at scale.