Also consider when you sell house with seller financing to owner occupied person as their primary residence you cannot balloon per Dodd Frank.  

this is only a good idea if you have reason to believe that the area will be appreciating quickly, which is called speculation and akin to gambling not investing. me personally, I would rather put my money on black than bank on market appreciation. negative cash flow rentals are a time suck and money suck.

The new person must complete an application and pass the screening.

If a person wants a different outcome, they usually do something different.

I need all the friends I can get since I currently only know one person (who I don't really know).

Personally, I'd spend a little more if I knew there was significant value add there.

I love finding VA Assumption Loan deals and have personally secured one so far as a rental property with a 3.3% interest rate. 

Not worth it if you have to feed the thing.But again, what are your personal goals to investing.

Any insights, advice, or personal experiences would be greatly appreciated!

You absolutlely need to be direct to seller or have close, personal relationships with wholesalers and active agents.