One of the nice things about seller financing is that sellers and buyers have broad flexibility in creating a win-win.Many seller financing sales use 5-10 year balloons so if your friend, the seller, wants a structure where he gets paid off in a time frame less than 30yrs, you certainly have the option to buy it with a balloon loan from the seller and than sell it with a baloon loan to a buyer.   

Properties are relatively inexpensive in some of these rural towns but I worry about what type of rent could be collected in these locations.Does anyone have any suggestions about this, or what they would recommend?

In the same time frame I can close the sale on a retail center and make 6 figures in commission representing a buyer.Broker highest to lowest return on time:1.

Given the timeframe, and the fact that property values have risen across the country, there is a good probability your property has increased in value.. 

I have a propensity to take the risk if there is a greater reward and I am looking to generate returns for a longer-term time frame of 5 - 7 years.How would I go about making my investment decision to deploy this 30k purely as an investor?

Some things you will really want to make sure of:Cities requirements for duplex splits.Counties requirements for duplex splits.Assessors requirements and their time frame for completing the split and recording legals.Duplex price vs attatched single family price.Party wall agreement.Let me know your thoughts... is anyone else already doing this?

I have been nervous about meeting the required time frames if a loan under writer wasn't able to recognize the urgency or possibly create contingencies which change the deal.Thank you!

Yes, prices are high, but I am personally still buying as I know I'll be holding on to them for 15-20+ years and that in that timeframe, I'll see some appreciation.

I have a local lender that says seasoning isn't an issue so the refinance time frame isn't an issue.I just finished going over numbers with the HML on my down payment portion so I will have to redo the numbers all the way around.Thank you

She is still under the prior lease, which you inherited.If she still doesn't leave or pay within that timeframe, then determine if you want to try evicting her yourself or hire a company/attorney to do it.