If you’re looking to invest long distance, I definitely recommend building your core-4 team.

Am I **** out of luck here or can I get a lawyer involved? 

Hi Carole,In a competitive market, the most effective financing strategies involve being prepared and proactive.

Ultimately, it depends on what’s going on in your local market and how involved you want to be in managing it.A firend of mine who was managing a similar property in Scottsdale ran into some issues during a vacancy period.

Right now any market where 1% rule is met the properties most likely would be in C and below neighborhoods.If you are a long distance investor (like me) I would recommend staying in B class areas where tenant quality would be little better, you might have to sacrifice cash flow a little but you have better shot at appreciation. 

I've been listening to BP for years now and just now getting involved in the community element.

Regardsless whether or not there was seller financing involved.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Do you want to be involved or mostly hands off.   

Another option is assuming the existing mortgage, which would involve contacting the current lenders to explore formalizing the arrangement and having the properties deeded in your name while taking over the loans.