I was hoping the rate cuts in the last 12 months would have had more of an impact on mortgage rates. 

I've been reading more about subject to and here's what I've learned:-Good for sellers who are off market-Have low to no equity-Have a mortgage with a low interest rate (less than 5%)-Be absentee or out of state (vacant property, or have a tenant)The buyer would then take over the mortgage payments, and have the seller sign the deed over to the buyer.

Commercial properties can be lucrative, but the financing/underwriting required from lenders is generally more "conservative" relative to residential and usually have higher interest rates (unless you have a "rock star", long-term commercial tenant in place) and generally require more equity from the borrower compared to residential.

The deal is structured with partial seller financing ($766k) below market rates (varied on each unit).

The current real estate environment that we've been in for the past several years hasn't presented any opportunities for deals like this.Because of the above bullet point, my real estate folio is kicking off a ton of profit each year which is fully taxable at ordinary income rates for me with federal plus state that means 42%From day one we've always self-managed everything, and built a great team of sub’s and handymen in every area, so that I’ve never had to do any labor.

I know what seller financing would involve in regards to me (the buyer) having to pay a interest rate set by the seller and the monthly payments also set by seller.But what are the benefits of seller financing a property?

If the interest rate are close, then you should pay off the primary. 

To make a new property cash flow with current prices, interest rates, taxes, and insurance, you're putting at least 40-50% down.

Any input on whether you know of rates likely to drop?

You may not be able to cash flow with the current interest rates, but when they drop, you will see it.