@Michael Roetzel I would give it a shot and expect them to decline.

With the housing market expecting to decline, I am worried that we will overpay.  

Sales appeared to have slowed (slightly), ARV seems to be stabilizing or slightly declining possibly due to the interest rates.

That represents an increase of 3.8 percentTotal dollar volume for full-year 2018 soared 21.5 percent to $28 billion;December single-family home sales declined 4.1 percent year-over-year with 6,543 units sold;Total December property sales fell 4.6 percent to 7,709 units;Total dollar volume for December edged up 1.0 percent to $2.3 billion;At $240,000, the single-family home median price rose 3.4 percent to a December high;The single-family home average price climbed 4.7 percent to a December high of $306,314;Single-family homes months of inventory grew slightly to a 3.5-months supply;Townhome/condominium sales fell 7.8 percent, with the average price up 4.6 percent to $206,760 and the median price up 8.1 percent to $169,500;Leases of single-family homes shot up 13.2 percent with average rent unchanged at $1,771;Leases of townhomes/condominiums edged up 1.6 percent with average also unchanged at $1,532.https://www.har.com/content/newsroom?

Get calls all the time and politely decline no matter how good they may appear. 

How bad is the area, can you stand the tenant class, will there be further decline.

Your scenario doesn't answer improvements/capital repairs.Seller financing is usually short term 3-5 years with a balloon note. be prepared for 1 or 2 properties to eat up your cash reserves in a recessionRental occupancy and rates may decline in a recession

However, I tried a private money lender first and because it was a move-in ready home, he declined.

However, I tried a private money lender first and because it was a move-in ready home, he declined.

Typically, when capital is returned to LPs through a refinance, the future amount paid out through the preferred return declines.