This doesn't even count the lost income while the home sits empty during your renovations.With all due respect, this is just one example of how things could (and likely will) go bad and you don't have the knowledge or experience necessary to handle owner financing.

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I have come to believe that in order for each party to meet their respective objectives both sides must meet in the "reasonable" middle.

The conversation about leverage shouldn't be brushed over.Positively leveraging an asset is much different than negatively leveraging that asset.Also, you need to factor in how much leverage you have with respect to how big your reserves are.Being 52 means you're half way home, I doesn't mean you're close to retirement.... or that you need to play it safe.

Although struggling in this area of the city to retain respectable and renters that pay on time or pay at all.

Y5:  3,000 + 12,000 <-- Rental Cash flow for Year 5 + Sales Proceeds----------IRR = 11% <-- RESPECTABLE RETURN !!!!

I took a lot of heat in several online forums for my asking price.... and in the end Ive got two great tenants that are respecting our properties, paying rent (on time too), have JOBS, and a credit profile that indicates they will actually be able to afford AND continue to PAY.It takes time - dropping your price will open the doors to more marginal candidates... screen as usual (consistent too).

I respect the hustle, but you may just find it not worth the head aches in the end. 

We have been collecting all the rental income into each LLC's respective business accounts and set up "auto-pay" payments like utilities to come from those business checking accounts.   

Do they show up on time for the appointment or late (how respectful of your time are they)?