Getting the Layout file from the county may help you decipher what is inside of the data file. 

The layout is:1st floor: (two) 2 bed 1 bath2nd floor: (two) 2 bed 1 bathTop floor: (one) 2 bed 1 bath “attic” w/ low ceilingsTrouble is, the building must be converted to a legal 4-family since 5 is commercial and does not qualify for my mortgage. 

The layout is not conducive to renting rooms.

Demand, location, positive cash flow whether you are financing it or not, area growth, amenities, repairs, seller motivation, is it in a flood plane  economical pluses or minuses, property age, layout, historical issues, future projections, neighborhood issues, weather issues that are negative or positive, distance from an existing public protection, if provided, storage area, and property taxes. 

Lay out what you need so we (BP community) can help you.Stephanie

Don't worry, the other tax pros here on BP will upvote your advice when it is excellent and place additional comments to say "oh yeah, this dude is right and here's why", or the tax pros will disagree with your posts and lay out why. 

I truly wanted to help him and with my experience and knowledge I was able to lay out his options and let him decide which route to choose.

I truly wanted to help him and with my experience and knowledge I was able to lay out his options and let him decide which route to choose.

Having never done or presentes seller financing I am hoping someone can lay out some basic terms for me.

We are able to keep most of the existing lay out and convert the property to two condos.