I think a bit more info is needed to fully understand but it sounds like this is your first deal, & I would first start off by finding the deals & then securing the PM company.

This is sometimes called the "Enemy Method," and you can search for more details.3.

A 14-50r plug was always the preferred method, especially before the world woke  up and switched to the Tesla charging standard.

Quote from @Jason Taken: did you actually have a secured lien?

While I secured the initial financing for the property, I have two other partners/groupings (a total of 6 people) that are contributing to the closing. 

Quote from @Renee Pohle: Please talk to an attorney and create a strong partnership agreement that includes a method for parting ways.

But if do a BRRRR from far away that's risky too, without a really good and trustworthy team in place and lots of checks and balances (security cameras, someone local to check on your property) and the ARV and refinance aspect can be challenging.  

The security deposit should never be used for anything during the lease.

The Payment is not an issue but I’ve just never done owner financing and someone suggested this method as a way to acquire section 8 homes in low crime areas.  

Nonetheless, I agree... with your mortgage rate being so low, it seems like it makes sense to access the equity via other methods beyond refinancing.