a lot of new investors pick the cheapest markets in the country regardless of how far away they are, and how much knowledge they have of them, and I think that's a huge mistake. 

In a seller finance scenario and my new posed scenario can I get both parties to agree to let me start paying 3-6 months down the road after the rehab and I start cashflowing?

I agree 15 years is not a long time but what is occurring is jurisdictions then pass laws to protect the low cost housing.  

There are lenders around the country offering those products.

@Anita Z.I agree with @Grant Woodward about looking at the reviews.

It's definitely priced to sell, but I agree, this would be more stress and more time.Please do let me know if you have any referrals for lenders and attorneys, thank you!

I'd echo what Drew says.While I don't have as much experience with DHC, I do have a few S8 tenants and definitely agree with his final thoughts...

I’ve watched clients reinvest capital from a tired old rental in one part of the country into vibrant, up-and-coming areas like certain pockets of Austin and San Antonio.

Once that phase is complete, I’d transition back into long-term holds.As for the cash-out refi, without at least doubling the rent, I’d be in a net-negative position each month, which doesn’t seem like a worthwhile trade-off.On the tenant side, I agree with your point about the business aspect—it’s something I’m working on coming to terms with.

I agree with Sid, I screen hard.