Also, the owner expressed concerns over the capital gains tax early in the discussion...so I am thinking the opportunity to do vendor financing will help me get a good purchase price and help the vendor with taxes.  

always valuable to throw yourself in a guest's shoes and turn everything on and make sure it functions well or as intended. 

I'm no tax pro but I don't think the debt really matters, you will still pay capital gains. 

It mitigates the risk because you can go slow, you are living in the property, and you get the tailwind of 2+ years of market appreciation while waiting to sell tax free on the gains.

For holding vs. flipping, let your goals and market conditions guide you—flipping can build quick capital, but holding offers long-term gains.

Plenty of resources here to get familiar with to gain insight on your REI journey. 

We did live in the house for 2 of the last 5 years, so we wouldn't have to pay capital gains tax.

@Mindy RosscupThe knowledge you gain by studying and taking the test to become a RE agent.

A lot of people think that they will gain "experience" when they self manage.

Networking with local investors or joining a real estate meetup group can also help you gain insights and connections.