They left me down for 12 days straight one time.   

I want to do a straight finance since I find the other options to risky.

I can’t speak on behalf of a short term rental, but for a straight rental, you’re probably better off filling it in IMO.I had a house with a pool in an c+ area and after considering it will probably just invite parties, etc. plus the liability I had it filled in.

My best advice is to work with a realtor who also invests, can give it straight which one is a bad deal/good deal, and can plug you in with their systems and network of lenders, GCs, and PMs.

If you have only 1 month supply everything sells and sellers don't have to offer much discount. 

And, even if you could find an appraiser to do an evaluation, it's not clear how that would help you.As you state, the motel has been shut down for nearly three years, so there's no current financial data.But even if you had recent numbers, you're planning to operate it as a sober living facility, which I suspect is a very different business model.You need to find a comparable facility in or near your local market and develop your own customized financial analysis model based upon this particular property.Then, given your business objectives (cash flow and cash-on-cash return, I assume), you'll need to back into what purchase terms you'll need to achieve those objectives.Only then will you be able to determine whether these seller financing terms will work.As far as documentation to get started, a letter of intent (LOI) is commonly used but you might move straight to a purchase and sale agreement, particularly if no agent is involved.Whichever path you choose, just be certain to give yourself plenty of time to thoroughly perform your due-diligence.

I’ve called several times and I can’t get a straight answer on the turnover.

OR because it’s really getting priced out of feasibility for investing in on market deals, and the off market deals are going straight to the hedge funds… it’s a fantastic city though.

Even gave me a big discount.

Collateralize it for the down payment of a discounted buy in OK / TX.